Singapore's economy grew by 0.7% year-on-year and 0.3% quarter-on-quarter in the second quarter, avoiding a technical recession. This exceeded economists' expectations. The Monetary Authority of Singapore warned of an uncertain growth outlook, with potential downside risks. The manufacturing sector contracted by 7.5% compared to the previous year. However, there are signs of recovery, particularly in the travel and tourism sectors, with a steady increase in visitors, although Chinese tourist numbers have yet to reach pre-pandemic levels. HSBC economist Yun Liu believes Singapore is well-positioned for a swift recovery and will lead the region.

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