Singapore (VNA) – Private-sector analystshave shaved their growth forecast for Singapore for 2022, with the sharper-than-expected risein inflation and slower economic activity in China among the downside risks for the Southeast Asian nation's economy, according a quarterly survey released by the MonetaryAuthority of Singapore (MAS).
Economic growth is predicted to come in at 3.8 percentfor the full year, lower than the 4 percent growth tipped in the previoussurvey released in March. The gross domestic product (GDP) growth forecast for 2023remains unchanged at 3 percent.
Growth for the second quarter of this year isforecast at 4.8 percent, following the 3.7 percent expansion in the firstquarter.
In the latest MAS survey, the analysts raised theirinflation forecasts for this year.
Overall inflation for the whole of 2022 is nowexpected to hit 5 percent, up from 3.6 percent in the previous survey.
The forecast for core inflation, which excludesprivate transport and accommodation costs, was raised to 3.4 percent, from 2.7percent previously.
The economists expect both overall and coreinflation to ease next year. Overall inflation is forecast at 3 percent in2023, while core inflation is expected to come down to 2.8 percent.
Late last month, the Ministry of Trade and Industrywarned that growth would likely come in at the lower half of its 3 percent to 5percent forecast range as the war in Ukraine disrupts the global supply ofenergy, food and other commodities, in turn worsening global inflationarypressures./.
Economic growth is predicted to come in at 3.8 percentfor the full year, lower than the 4 percent growth tipped in the previoussurvey released in March. The gross domestic product (GDP) growth forecast for 2023remains unchanged at 3 percent.
Growth for the second quarter of this year isforecast at 4.8 percent, following the 3.7 percent expansion in the firstquarter.
In the latest MAS survey, the analysts raised theirinflation forecasts for this year.
Overall inflation for the whole of 2022 is nowexpected to hit 5 percent, up from 3.6 percent in the previous survey.
The forecast for core inflation, which excludesprivate transport and accommodation costs, was raised to 3.4 percent, from 2.7percent previously.
The economists expect both overall and coreinflation to ease next year. Overall inflation is forecast at 3 percent in2023, while core inflation is expected to come down to 2.8 percent.
Late last month, the Ministry of Trade and Industrywarned that growth would likely come in at the lower half of its 3 percent to 5percent forecast range as the war in Ukraine disrupts the global supply ofenergy, food and other commodities, in turn worsening global inflationarypressures./.
VNA
