Singaporean economy forecast to expand 0.7 pct in 2019: MAS
Singapore (VNA) - The Singapore economy is expected to grow
0.7 percent this year, up from 0.6 percent in
the previous survey in September, according to the latest quarterly poll of professional
forecasters by the Monetary Authority of Singapore (MAS) released December 11.
The Singapore economy expanded by 0.5 percent
in the third quarter compared
with the same period last year, beating the estimate of 0.3 percent projected
by private economists in the September survey.
Economists
polled now say they expect growth in the fourth quarter to come in at 1 percent
year on year.
They
tip growth to rise to 1.5 percent next year, down slightly from 1.6 percent
previously. However, the range of forecasts has tightened to 1.5 to 1.9 percent,
from 1 to 1.9 percent. The Government's own forecast is for 0.5 to 2.5 percent
growth in 2020.
This
comes on the back of the Ministry of Trade and Industry (MTI) announcing last
month that the economy is expected to grow by 0.5 to 1 percent this year, when
it raised the lower end in the previous forecast range of 0 to 1 percent
growth.
The latest quarterly
survey indicated that further escalation of
trade tensions, in particular between China and the US, topped the
list of downside risks for 87.5 percent of the 22 respondents.
Other
downside risks include a “sharper-than-expected” slowdown in China’s economic
growth, cited by 43.8 percent of respondents in the December survey as compared
to the previous 50 percent./.