From the Wall Street Journal, December 12:
The survey showed that the median projection is for gross domestic product growth of 1.0% in 2023
Experts surveyed by Singapore’s central bank have maintained their economic growth forecast for this year, but trimmed their views for 2024, flagging risks from an external slowdown.
The Monetary Authority of Singapore’s December survey, released Wednesday, showed that the median projection of economists and analysts is for gross domestic product growth of 1.0% in 2023. That is unchanged from the previous quarterly survey, in which the forecast was lowered from 1.4%.
Barring a contraction in 2020 during the pandemic, that would be the lowest rate of annual growth since 2009.
The survey’s respondents lowered their views for the manufacturing sector, as well as for non-oil domestic exports in 2023. Their median forecast is for manufacturing to shrink 4.6% versus the 4.4% contraction seen previously, and for NODX to contract 12% compared with 10.5% before.
Growth projections for construction and accommodation and food services were raised.
Singapore’s economy is expected to close out the year with growth of 1.8% in the fourth quarter, the MAS survey showed. For next year, the respondents cut their gross domestic product growth forecast to 2.3% from 2.5%....
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