Singapore’s 2023 GDP expected to settle at 1.8%, according to economists

Singapore. Private-sector economists have decreased their growth forecast for next year. According to them, the nation’s GDP is set to expand by 1.8% in 2023. This is down from the 2.8% earlier projection.

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In the latest survey of professional forecasters released by the Money Authority of Singapore on 14 December, spillovers from an external growth slowdown were considered the most downside risk.

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Respondents also shared concerns about risks from geopolitical tensions, and China’s COVID-19 lockdowns and social unrest.

The growth forecast comes at a time of worsening global outlook, with advanced economies gearing up to face potential recession due to the Federal Reserve’s monetary tightening, as well as the fallout from the conflict in Ukraine.

Meanwhile, private-sector economists are expecting the 2023 MAS core inflation to settle at 4%.

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