The Monetary Authority of Singapore (MAS) – the central bank - said on March 14 that economists have raised their forecasts for the country’s economic growth in 2018 (Photo: AFP/VNA)

Hanoi (VNA) – The Monetary Authority of Singapore (MAS) – the central bank - said on March 14 that economists have raised their forecasts for the country’s economic growth in 2018, as they upgraded their views on private consumption as well as wholesale and retail trade.

Singapore’s gross domestic product (GDP) is expected to grow 3.2 percent this year, according to the median forecast of 24 economists surveyed by the MAS, up from the 3.0 percent median forecast in the previous MAS survey published in December 2017.

That would be close to the upper end of the government’s forecast range. The Ministry of Trade and Industry has said that its central view is for GDP growth in 2018 to come in slightly above the middle of its forecast range of 1.5 to 3.5 percent.

The survey showed that economists lowered their view on manufacturing to 4.3 percent growth in 2018, down from the previous median forecast of 5.5 percent. They also trimmed their view on non-oil domestic exports to 5.5 percent growth from 5.8 percent previously.

The central bank’s latest survey also showed that the economists expected Singapore’s GDP to grow 3.8 percent year-on-year in the first quarter, up from the 3.4 percent median forecast in the previous survey.-VNA