Economists cut Singapore’s 2022 growth forecast to 3.5%: MAS survey

Private sector economists are tipping Singapore’s economy to grow by 3.5% this year — down from the 3.8% forecast earlier. They are worried about a slowdown among Singapore’s major trading partners, a sharper-than-expected rise in inflation, and an escalation in geopolitical tensions. Those polled by the central bank in its latest quarterly survey, expect GDP to grow 3.9% on-year in Q3. That follows Q2’s sub-par growth of 4.4%. For the whole of next year, economists predict growth of 2.8%. Effects of the external environment are already being seen in the key manufacturing sector.

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