Singapore on Tuesday sharply lifted its annual economic growth forecast, citing a stronger-than-expected performance in the first half and boost from AI-related sectors and exports, CNBC reported. The Ministry of Trade and Industry said GDP growth for 2026 is now expected to come in at 4.5% to 5.5%, more than double the lower end of its previous forecast of 2%-4%.

About one-third of Singapore's exports to the U.S., worth S$9.5 billion ($7.4 billion), will be affected by a new U.S. tariff ​of 12.5% imposed on July 24, Trade Minister Gan Kim Yong ‌said, Reuters reported. Gan said in parliament on Wednesday that the tariffs imposed under Section 301 of the U.S. Trade Act of 1974 would affect ​about a third of Singapore's exports, including optical instruments and ​chemical products. Exempt exports include energy and energy products, certain electronics ⁠and aerospace products, as well as semiconductors and pharmaceuticals. Gan said the ​U.S.

Singapore’s economy expanded 5.7% in the second quarter, topping market expectations, on the back of strong growth in the manufacturing sector, CNBC reported. Growth was higher than the 5.5% expected by economists polled by Reuters, but lower than the revised 6.3% seen in the first quarter, according to a release from the country’s Ministry of Trade and Industry. The goods sector expanded 10.4% from the 8.4% in the previous quarter, while growth in the services sector slowed to 4.6% from 6.2% in the first quarter.

Global creditors of IPO-bound Udaan, including banks and hedge funds, have initiated insolvency proceedings in the Singapore High Court after its offshore holding company Trustroot Internet Pvt Ltd defaulted on $170 million compulsorily convertible notes or bonds due on June 30, the Economic Times of India reported. The creditors have hired Alvarez and Marshal as the official liquidator in the bankruptcy proceedings. Since its launch in FY25, Udaan has incurred an estimated cumulative loss of around Rs 13,000 crore.