Economists more optimistic on GDP growth this year

They expect growth to be around 2.3%.

Economists have raised their forecast for Singapore's economic growth for 2017 to 2.3%. According to a survey by the Monetary Authority of Singapore, this is an improvement from the 1.5% growth forecast in the previous survey published in December.

To recall, Singapore’s economy recorded a 2% growth in the past year.

Economists are more optimistic now for the manufacturing sector, which is expected to grow 4.5%. They are also seeing good signs in non-oil domestic exports, with a growth forecast of 6.1%.

Meanwhile, economists expect core inflation to rise 1.5% this year, up from the previous median forecast of 1.3%.

Check out the industry forecasts below: