Singapore Economy To Slow To 2.6% In 2019; Lower Than Previous Forecast

Singapore Economy To Slow To 2.6% In 2019; Lower Than Previous Forecast

Private economists expect Singapore’s economy to grow by 3.3% this year, slightly above the 3.2% forecast in September, revealed the latest survey from the Monetary Authority of Singapore (MAS).

However, growth is expected to slow to 2.6% in 2019, a tad lower than the 2.7% forecast made previously.

Among the 23 economists and analysts polled, rising trade protectionism remains a key concern.

All respondents flagged the ongoing US-China trade conflict as a downside risk to the Singapore economy. Other downside risks that were identified were China’s economic slowdown and the tightening of global financial conditions.

On the other hand, if US Fed rate hikes are slower than expected, some economists said that Singapore’s economy might benefit.

When it comes to inflation, economists expect headline inflation to be at 0.5% this year, with MAS core inflation at 1.7%. Moving forward, inflation is expected to be higher next year, at 1.3% for CPI-All Items and 1.8% for core inflation.

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