World Economy

Singapore Growth Outlook Unchanged

Singapore Growth Outlook UnchangedSingapore Growth Outlook Unchanged

Private sector economists kept their growth forecast for Singapore intact despite increased concerns stemming from protectionism in the US, a quarterly central bank survey showed on Wednesday. According to the latest Monetary Authority of Singapore’s Survey of Professional Forecasters, the city-state’s economy is expected to expand by 3.2% this year, slowing from the 3.6% increase achieved in 2017, Nikkei reported. The growth forecast was, however, unchanged from the previous survey’s median estimate of 3.2% and at the higher end of the government’s official forecast of 2.5% to 3.5% for 2018. “Trade protectionism continues to weigh on the minds of 89% of respondents, with further escalation of trade rhetoric by the US and its trading partners, as well as implementation of announced tariffs causing concern,” MAS said in its report. “In addition, a growing number of respondents cited slower growth in China as a downside risk on the back of tightening credit conditions,” MAS added. It said its latest survey showed economists expect Singapore’s manufacturing sector to grow by 7.6% this year, slowing from 2017’s increase of 10.1%. In contrast, the finance and insurance sector is expected to grow at a faster pace of 6.7% compared with last year’s 4.8%.


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