Economists cut Singapore 2024 GDP forecast to 2.3% from 2.5% - c.bank survey

Reuters/REUTERS

A central bank survey showed on Wednesday

Xinghui Kok, Reuters News

December 13, 2023

PHOTO

Economists have cut their forecasts for Singapore's economic growth in 2024 to 2.3% from 2.5%, citing spillovers from an external growth slowdown as the top risk to the financial hub, a central bank survey showed on Wednesday.

The 25 economists surveyed by the Monetary Authority of Singapore (MAS) also flagged geopolitical tensions, inflationary pressures and impact of weaker growth in China as risks to Singapore's domestic growth outlook.

Last month, the trade ministry narrowed its gross domestic product (GDP) growth forecast to around 1.0% in 2023 and said it expects GDP growth in 2024 to be between 1.0% and 3.0%.

The economists in the MAS survey are expecting the economy in the fourth quarter of 2023 to grow by 1.8% year-on-year, and for Singapore to keep its monetary policy settings unchanged in the upcoming January 2024 review.

(Reporting by Xinghui Kok; Editing by Kanupriya Kapoor)

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.