As the global economy is headed for another year of lackluster growth, the forecast of Singapore’s gross domestic product growth in 2016 stands at 1 to 3%, said the Monetary Authority of Singapore, Xinhua reported. The central bank on Monday released its annual report 2015/16, in which MAS expected Singapore’s economic growth to remain sluggish, adding that the economy’s performance in the second half of 2016 will not be much different from the first half. The report revealed that Singapore’s real GDP growth came in at 0.8% in the second quarter on a quarter-on-quarter, seasonally adjusted annualized basis. Growth in the first half of the year has averaged 2.2% in year-on-year terms. Inflation, which has been low for long, is on a modest ascent, said the authority. For the whole year of 2016, core inflation will likely average around 1% and trend towards its historical average of close to 2% over the course of 2017, MAS expected.
