Economists revise down Singapore’s 2023 growth forecast

A corner of Singapore (Source: Straits Times)

Singapore (VNA) - Private-sector economists have lowered their growth forecast for Singapore next year to 1.8%, according to the latest survey of professional forecasters released by the Money Authority of Singapore (MAS) on December 14.

This was down from an earlier projection of 2.8%, amid concerns about a global economic slowdown.

However, the 21 economists surveyed by MAS were more confident about the GDP growth of the country in 2022 when raising the growth forecast for the whole year to 3.6%, up slightly from 3.5% set in September.

They have also raised their inflation forecasts for both 2022 and 2023, as upward price pressures continue to be a concern.

Singapore's Ministry of Trade and Industry (MTI) said in November that that the country's GDP growth is expected to reach around 3.5% in 2022 and will drop to between 0.5% and 2.5% in next year./.

VNA