SINGAPORE — Private sector economists have cut their forecast for Singapore’s economic growth this year to 1 per cent, down from an earlier projection in June of 1
Private sector economists have cut their forecast for Singapore’s economic growth this year to 1 per cent, down from anA slowdown in the external growth environment was cited as the top downside risk, with economists also flagging inflationary pressures and slowing growth in China.
These findings were released on Wednesday in the Monetary Authority of Singapore’s latest survey of professional forecasters. A total of 22 economists and analysts responded to the survey.Ministry of Trade and Industry’s GDP forecast of between 0.5 and 1.5 per centThis range was narrowed from a previous forecast of 0.5 to 2.5 per cent, with MTI saying in August that it sees a “weak” external demand outlook for the rest of the year.
According to the MAS survey, the manufacturing sector — a key economic indicator — is expected to contract by 4.4 per cent this year, a poorer outlook compared to the previous forecast of 1.3 per cent contraction. Singapore’s manufacturing output, which accounts for about one-fifth of the country’s gross domestic product, has been in contraction territory for about a year amid weak global demand, according to the Purchasing Managers' Index.For the third quarter of this year, economists in the MAS survey expect GDP to grow by 1 per cent year on year, higher than the 0.5 per cent year-on-year expansion in the second quarter.Private sector economists also expect core inflation to come in at 4.
Core inflation, which excludes accommodation and private transport costs, is forecast to hit 3.5 per cent in the third quarter of this year, according to the survey respondents.None of the respondents expect changes to Singapore’s monetary policy — to the slope, width and level of the S$NEER policy band in MAS’ October review. CNA
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Economists cut Singapore’s 2023 growth forecast to 1%: MAS surveySINGAPORE: Private sector economists have cut their forecast for Singapore’s economic growth this year to 1 per cent, down from an earlier projection in June of 1.4 per cent.
Read more »
Best credit card promotions in Singapore (September to October 2023): Citibank, DBS, HSBC, UOB, and moreWhen it comes to credit card promotions these days, we’re spoilt for choice. Banks offering credit cards in Singapore are competing so hard for new customers that they are practically raining Apple products, Nintendo Switches, ergonomic chairs, cold hard cash and other freebies on us. But which are the best credit card promotions in Singapore? Here are our picks from...
Read more »
Rugby World Cup 2023: dates, fixtures, schedule, odds and how to watch on TVHere is what you need to know about the pools, schedule, venues, past winners and betting odds for the 2023 Rugby World Cup in France, which begins on Friday and ends with the Oct. 28 final.DATES* The 10th edition of the showpiece event will run from Sept. 8-Oct. 28.* It begins with host nat
Read more »
Hong Kong saw hottest summer on record in 2023This year also saw the third-hottest July and fourth-hottest June since records began in 1884. Read more at straitstimes.com.
Read more »
K-pop boy band Stray Kids rank second in album sales in the US in 2023Taylor Swift came in first position. Read more at straitstimes.com.
Read more »
Commentary: Why the 2023 Presidential Election results are politically significantMr Tharman Shanmugaratnam’s decisive victory has three implications for the future of Singapore politics, says former veteran newspaper editor Han Fook Kwang.
Read more »