Singapore has kicked off 2026 strongly, with the PMI rising to 56.8 in January, marking a year of expansion driven by faster new business and hiring, even as costs stay elevated. That strength contrasts with a tentative global recovery, where manufacturing PMI is just 50.9, while Japan’s post-election policy clarity and improving PMI add a fresh regional tailwind. Pan Jingyi, Economics Associate Director, S&P Global Market Intelligence looks at the the question of whether Singapore’s momentum is sustainable or partly sentiment-driven.