Economists trim GDP forecasts as key growth pillars stumble

The economy will grow 1.9% in 2016.

Economists expect Singapore's gross domestic product (GP) to grow by 1.9% in 2016, according to the latest Survey of Professional Forecasters by the Monetary Authority of Singapore (MAS).

This is down from the previous forecast of 2.2%. In particular, economists trimmed their growth forecasts for the manufacturing and finance & insurance sectors.

Experts also lowered their expectations for Singapore's non-oil domestic exports (NODX), from 1.5% in the December survey to just 0.2% in the latest survey.
For the first quarter, the respondents expect GDP to grow by 1.6%.

The median CPI inflation forecast for 2016 fell to −0.2% in the latest survey, from the 0.5% reported in the December survey. The respondents also expect MAS Core Inflation to be 0.8%, slightly below the 1.0% projected in the previous survey.

For the first quarter, CPI All-Items inflation is expected to come in at −0.7%. As for the labour market, the respondents continue to forecast the unemployment rate to be 2.1% by year-end.

Also Read

Singapore ranks second in global economic freedom

Economists forecast modest NODX growth for Singapore in 2024

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit