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 percentthis year and 2.5 percent in 2018, according to a survey released on May 1 bythe UN Economic and Social Commission for Asia and the Pacific (UNESCAP).

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

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

Onekey downside risk is heightened trade protectionism, which would especiallyundermine economic growth in the country's trade-oriented economy, theorganisation said.

Thenear-term economic growth outlook for Southeast Asia is even brighter. Highergrowth rates are projected for most economies in the region, according to thesurvey.

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

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