Singaporean private sector economists have forecast the nation’s economic growth at 1.4 percent this year, down from their previous projection of 1.8 percent, according to a survey by the Monetary Authority of Singapore (MAS) on December 14.
A container ship enters Singapore port. (Source: AFP/VNA)
Singapore (VNA) – Singaporean private sector economists have forecast thenation’s economic growth at 1.4 percent this year, down from their previous projectionof 1.8 percent, according to a survey by the Monetary Authority of Singapore(MAS) on December 14.
The survey alsoshowed that the country’s GDP was forecast to rise 1.5 percent, lower than theprevious quarter’s prediction at 1.8 percent.
Previously, Singapore’sMinistry of Trade and Industry slashed the 2016 growth expectation for theeconomy by 0.5 percentage point to 1 – 1.5 percent. The ministry also said thenation’s GDP will gain between 1 – 3 percent in 2017.
According to thelatest MAS survey, the lowered forecasts come to sectors like finance andinsurance, construction, and particularly wholesale and retail trade, which waspredicted to drop to 0.1 percent.
Singaporeaneconomists project that the all-item consumer price index (CPI) this year willremain unchanged from the previous survey, at 0.5 percent. The core inflationis estimated at 0.9 percent in 2016, lower than the previous forecast of 1percent.
Meanwhile, theunemployment rate will fall to 2.1 percent from the previously predicted levelof 2.2 percent.
Statistics showthat Singapore’s economy grew 1.1 percent in the third quarter of this year, down0.9 percent from the previous second quarter.-VNA
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A container ship enters Singapore port. (Source: AFP/VNA)
