Illustrative photo (Photo: AFP/VNA) Singapore (VNA) – The Monetary Authority of Singapore (MAS) has raised theforecast of the country’s economic growth in 2017 from 1.5 percent to 2.3percent.
The forecast came in the context thatSingapore obtained a growth rate of 2 percent last year, higher than theprevious estimate of 1.4 percent. The result was brought by the 2.9 percentgrowth in Q4 2016, coming in above the forecast of 0.8 percent in the lastsurvey.
Accordingly, the indicators wereraised in manufacturing, finance and insurance as well as wholesale and retailtrade, with 4.5 percent, 2 percent and 1.1 percent.
Meanwhile, new forecasts forconstruction and accommodation, food and service were lower than the previousfigure, with 0.3 percent and 1.3 percent.
Singapore’s economy is expected togrow by 2.6 percent in the first quarter of this year. Consumer price index(CPI) and core inflation are projected to come in at 0.8 and 1.3 percent.
The inflation forecast for 2017remains at 1.0 percent in the latest survey. Experts also said the unemploymentrate will be 2.4 percent at year-end.
The MAS survey is conducted everyquarter with opinions of 23 leading Singaporean economists, after detailed dataof the three previous months was announced. -VNA
