JP Morgan headquarters at Canary Wharf financial district on 15th August 2023 in London, United Kingdom.
Mike Kemp | In Pictures | Getty Images
SINGAPORE – Asia-Pacific’s tech sector has been growing on the back of the semiconductor boom even as other industries struggle amid global macro uncertainty, according to investment bank JPMorgan.
“Tech has been recovering, that’s why Asia has done reasonably well in the second half of last year. China industry benefited, North Asia obviously benefited more from it,” Bruce Kasman, chief economist at JPMorgan said in a media briefing on Tuesday.
The tech sector, which thrived during the Covid-19 pandemic as companies accelerated their digitalization efforts, underwent a slowdown in 2022 and 2023 as high inflation and interest rates softened consumer spending, hit product demand and led to layoffs.
Global tech spending weakened in 2023 while…
