SG economic growth shrinks 0.4% QoQ

According to Standard Chartered, the central bank is expected to maintain the status quo for the October 2023 monetary policy meeting.

The country’s economic growth decreased by 0.4% QoQ in the first quarter of 2023 due to slow global demand and a weak manufacturing segment.

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According to analysts, they foresee “downside risk to our 2023 GDP growth forecast of 1.3% amidst poor Q1 performance and as the global economic outlook remains weak.”

SC also said it agrees with “MTI’s view that US and euro-area growth may slow more significantly in the second half of 2023 amidst the lagged effects of monetary policy tightening and still-elevated inflation and that China’s recovery may not spill over to Singapore, as it is led by services consumption.”

Economic developments shown after the April monetary policy seem to be the same as the central bank’s expectations.

“The growth downturn is widely expected and downside risks may have increased, with the MTI not ruling out some quarters of q/q contractions. Meanwhile, core inflation remains sticky, as reflected in the April inflation report,” added Standard Chartered.

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