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Investing.com-- Singapore upgraded its full-year economic growth forecast on Tuesday, reflecting stronger-than-expected performance in the first half of 2025, though it cautioned that global uncertainties could weigh on the outlook.
The Ministry of Trade and Industry (MTI) now expects 2025 GDP growth of 1.5% to 2.5%, up from an earlier forecast of 0.0% to 2.0%.
The economy grew 4.4% year-on-year in the second quarter, up from 4.1% in Q1, driven by wholesale trade, manufacturing, and finance sectors.
Front-loading of regional trade ahead of U.S. tariff measures provided a temporary boost, though MTI warned of slowing momentum in the second half as global demand softens.
"However, Singapore’s economic outlook for the rest of the year remains clouded by uncertainty, with the risks tilted to the downside," the MTI said in a statement.