JANUARYASIA BUSINESS OUTLOOK9NEWSROOMTAIWAN TO USHER IN GOLDEN AGE OF AISingapore raised its 2024 economic growth estimate to approximately 3.5 percent, above the range of its earlier projection.In August, the Ministry of Trade and Industry (MTI) reduced its expected GDP growth to between 2 and 3 percent.When compared to the same period last year, GDP growth for the first three quarters of this year averaged 3.8 percent. Singapore's GDP growth in 2025 is anticipated by the government to be between 1 percent and 3 percent.The third quarter of this year saw Singapore's GDP grow 5.4 percent, which was higher than the 4.1 percent predicted by the forecasters.Overall, the ministry predicted that Singapore's forecast for external demand would continue to be strong through the remainder of 2024.When combined with the continued upturn in demand for electronics worldwide, this could help Singapore's manufacturing industry and outbound-focused service sectors like wholesale trade, MTI stated.However, given the slower-than-expected rebound in international visitor arrivals and weak tourist expenditure, the prognosis for tourism-related and consumer-facing industries like accommodation, retail commerce, and food and beverage services has diminished.The third quarter of this year saw better-than-expected performance from major economies like the US and Eurozone, as well as certain smaller economies like Malaysia. Jensen Huang, CEO of American chip giant Nvidia, created a stir during his visit to Taiwan, sparking what local media dubbed "Jensanity". The 61-year-old tech leader was mobbed like a rock star, drawing crowds wherever he went.Huang was in Taipei for Computex, Asia's premier information technology show, where he met with top local tech figures, including Morris Chang, the legendary founder of Taiwan Semiconductor Manufacturing Company (TSMC), and Taiwan's richest man, tech mogul Barry Lam.During his two-week visit, Huang delivered a keynote at National Taiwan University, where he outlined his vision of a future powered by artificial intelligence (AI). "Everything is going to be robotic," he told the audience, which included some of Taiwan's most influential tech leaders. He predicted that factories would soon be run by robots, who in turn would build robotic products.Huang emphasized that the role of information technology is shifting from just data processing and storage to generating intelligence across industries. "For the first time, the $3 trillion IT industry is about to create something that can directly serve a $100 trillion industry," he said, referring to the vast potential of AI to reshape sectors globally.Looking forward, Huang called for continued collaboration in the AI revolution, inviting industry players to join in building a thriving ecosystem together. With Nvidia's strong ties to Taiwan and the ongoing AI boom, local businesses are set to benefit from this rapidly expanding sector. SINGAPORE RAISES 2024 ECONOMIC GROWTH FORECAST TO APPROXIMATELY 3.5 PERCENT
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