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Singapore economy forecast to grow slower in 2023

The Singapore economy is projected to slow further in 2023 amid growing challenges in the external environment, according to the latest report of the Monetary Authority of Singapore (MAS).
Singapore economy forecast to grow slower in 2023 ảnh 1Singapore (Source: Straits Times)
Singapore (VNA) - The Singaporeeconomy is projected to slow further in 2023 amid growing challenges in theexternal environment, according to the latest report of the Monetary Authorityof Singapore (MAS).

The significant tightening of globalfinancial conditions and continued COVID-19 curbs in some countries areexpected to weigh on growth in Singapore’s major trading partners.

Dampened globaland regional trade flows will adversely affect activity in Singapore’smanufacturing, wholesale, water transport and storage sectors, it said.

The global electronics industry, whichenjoyed a strong post-pandemic demand surge until early this year, has seen itsoutlook deteriorate rapidly in recent months.
Singapore's manufacturing sector alreadyweakened in the third quarter, shrinking by 3.2%.

Reports showed that the Singaporeeconomy grew at 4.4% on a year-on-year basis in the third quarter, justbelow the revised figure of 4.5% in the previous three months.

The country's GDP growth is likely to stay muted in thecoming quarters, the MAS said, reiterating the official growth forecast for 2022 ata range of 3 to 4%./.
VNA
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