Singapore’s economy to grow 1.9 pct growth in 2016

Singapore’s economy to grow 1.9 pct growth in 2016 (Source: guidemesingapore.com)

Singapore (VNA) – Analysts have lowered their forecasts for Singapore's 2016 growth from 2.2 percent to 1.9 percent.

According to a survey of the Monetary Authority of Singapore (MAS) released on March 16, analysts downgraded their view on overall situation of the macroeconomics. 

They forecast the country’s manufacturing sector will reduce 2.7 percent, worse than the previous median prediction of a 1.2 percent contraction.

Finance and insurance are anticipated to climb only 3.6 percent in 2016, compared to the 5.9 percent projection in December 2015’s survey.

However, analysts were of the view that construction will see a strong growth in the coming time with a rise of 2.6 percent, higher than the 1.2 percent growth in previous prediction.

Headline inflation forecasts for 2016 fluctuate between minus 1.0 percent to 0.0 percent and core inflation is expected from 0.5 percent to 1.5 percent. 

Meanwhile, the country’s GDP will enjoy a growth of 2.5 percent in 2017, analysts said. Core inflation, excluding personal accommodation and transportation is forecast at 0.8 percent, down from 1 percent in previous survey.-VNA