UNESCAP: Singapore’s economy to grow by 2.2 pct in 2017

Singapore is expected to have a GDP growth rate of 2.2 percent this year and 2.5 percent in 2018, according to the UN Economic and Social Commission for Asia and the Pacific (UNESCAP).

A corner of Singapore (Source: STB)

Singapore (VNA) – Singapore is expected to have a GDP growth rate of 2.2 percent this year and 2.5 percent in 2018, according to a survey released on May 1 by the UN Economic and Social Commission for Asia and the Pacific (UNESCAP).

The figures were also conformable with forecast of the Monetary Authority of Singapore (MAS) which reaffirmed its official estimates that the country’s growth outlook is expected to expand by 1 to 3 percent this year.

According to the UNESCAP, Singapore’s domestic demand will also increase and be underpinned by stable employment conditions and supportive policy measures, including higher corporate income tax rebates for small and medium enterprises.

One key downside risk is heightened trade protectionism, which would especially undermine economic growth in the country's trade-oriented economy, the organisation said.

The near-term economic growth outlook for Southeast Asia is even brighter. Higher growth rates are projected for most economies in the region, according to the survey.

Economic growth in the region is expected to improve further, to 4.7 percent this year and 4.8 percent in 2018, up from the 4.5 percent last year.-VNA

VNA