RHB has revised its growth forecast for Singapore in 2025 to 2.0% due to rising global tariffs impacting the trade-reliant economy.
The report, released on 24 April 2025, highlights the need for a cautious investment approach amidst these uncertainties. Analyst Shekhar Jaiswal suggests focusing on sectors with stable earnings and sustainable dividends, such as consumer staples, healthcare, and telecommunications, as well as select small-cap growth plays.
The report also notes that the Singapore Overnight Rate Average (SORA) is expected to remain low or decrease further, aligning with anticipated US rate cuts. This environment positions industrial and office Real Estate Investment Trusts (REITs) as relatively defensive investment options. Jaiswal emphasises the importance of defensive positioning whilst keeping an eye on opportunities in the market.
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