{"text":[[{"start":7.24,"text":"Singapore’s economy expanded 5.9 per cent in the second quarter from a year earlier as it benefited from the global surge in spending on artificial intelligence and shrugged off disruption to energy markets from the war in the Middle East."}],[{"start":21.16,"text":"The city-state’s Ministry of Trade and Investment on Tuesday raised its full-year growth outlook to 4.5 per cent to 5.5 per cent. That was a stark uptick from its previous estimate in May of growth of 2-4 per cent, which was based on expectations of the war in Iran weighing on global economic growth."}],[{"start":39.16,"text":"For the first half of the year, GDP growth was 6.1 per cent on a year earlier, the ministry said."}],[{"start":46.2,"text":"As an international trade hub, Singapore is heavily exposed to geopolitical disruption."}],[{"start":51.96,"text":"The city-state is one of the world’s most important oil and gas trading centres — earning it the moniker of the “Houston of Asia” — and was seen as particularly susceptible to the global energy crisis."}],[{"start":61.64,"text":"“The effects of the conflict continue to ripple across the world — through higher energy prices, disrupted supply chains and increased costs for households and businesses,” Prime Minister Lawrence Wong said during his National Day speech this weekend."}],[{"start":75.48,"text":"“Despite the challenges, Singapore’s economy has remained resilient. Growth has been robust in the first half of the year, and we expect the momentum to continue,” he added."}],[{"start":85.08,"text":"The MTI said the impact of the Iran war had been less severe than expected, as countries had drawn down on oil stockpiles and switched to alternative energy sources, which led to a cap on prices."}],[{"start":96.24,"text":"At the same time, the MTI said investment in AI had been stronger than anticipated, a boon for producers and exporters of AI-related products such as semiconductors."}],[{"start":106.16,"text":"The big four hyperscalers in the US — Google, Amazon, Microsoft and Meta — have made a total of $1.1tn of capital expenditure on data centres, advanced chips and the power to run them since the beginning of the AI boom in 2023."}],[{"start":120.28,"text":"Those investments have increased this year, and Singapore is positioning itself to be a major AI hub."}],[{"start":126.16,"text":"“AI is already transforming industries and changing the way we work,” Wong said. “Here in Singapore, we will make full use of AI to raise productivity and create better jobs.”"}],[{"start":137.84,"text":"But the positive outlook on AI for Singapore came just days after the central bank warned of the risks to the global economy if the AI boom falters."}],[{"start":147.8,"text":"The Monetary Authority of Singapore, which is also the city-state’s financial regulator, said global growth, investment and financial market performance were deeply tied to the semiconductor and data centre sectors, and any slowdown could have far-reaching consequences."}],[{"start":164.36,"text":"“If . . . there is a major retrenchment in AI investment, it could sharply weaken global growth through a fall in business investment and semiconductor demand and negative wealth effects,” warned Chia Der Jiun, the authority’s managing director. “A sharp tightening of global financial conditions could result.”"}],[{"start":182.16,"text":"The MAS warnings coincided with a hit to the stocks of some of the biggest chipmakers over fears of the durability of the AI boom."}],[{"start":194.8,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1786438164_3677.mp3"}