Economists at UOB wrote in a report that the industrial production outlook for Singapore in 2025 remains unclear. They noted that further protectionist measures by the Trump administration, geopolitical tensions, the possibility of the electronics export cycle reaching its peak, and the uncertainty of monetary policy easing by major global central banks could pose downside risks. They added that nevertheless, the growth momentum of trade-related industries, including manufacturing, should continue into early 2025 due to an increase in exports and production before Trump proposed tariffs on U.S. imports.