Chicago, Oct. 26, 2023 (GLOBE NEWSWIRE) -- Singapore's inclination toward openness has left it better positioned to navigate prolonged stability in global trade conditions. Additionally, consumers are currently reevaluating their travel preferences, feelings about crowded spaces, and their commitment to health consciousness. Simultaneously, the nature of this crisis is poised to reshape future work dynamics, with businesses intensifying their scrutiny of global supply chains, a greater reliance on technology to curtail business-related travel, and the establishment of permanent work-from-home arrangements for employees.
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In 2020, Singapore also experienced a higher unemployment rate, approximately 3%, which has the potential to exacerbate income inequality and widen the national income gap. Conversely, the accelerated adoption of technology could play a pivotal role in supporting recovery and driving long-term productivity gains. Singapore market to grow at 3.6% in test and measurement equipment market.
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The manufacturing, IT and telecom, consumer goods, and retail sectors in the country are anticipated to witness improvements during the forecast period, thanks to enhanced government regulations and comprehensive support measures designed to navigate the economic crisis.
The surge in global demand for semiconductors amidst the worldwide chip shortage has led to a notable increase in Singapore's manufacturing output, registering a substantial year-over-year growth of 13.8% in May 2023. Excluding biomedical manufacturing, production witnessed an even more impressive 18% increase, according to data from the Economic Development Board (EDB), consequently bolstering the test and measurement equipment market.
