Singapore on Wednesday forecast its economic growth would slow in 2023 amid persistent inflation and global pressures that would hit demand for the city-state's outward-oriented industries like trade and finance.
Gross domestic product is expected to rise by 0.5% to 2.5% next year, the Ministry of Trade and Industry said, down from about 3.5% this year as it joins a global trend toward slowing growth.
"For the rest of the year, the weaker external economic outlook will weigh on the growth of Singapore's outward-oriented sectors, including the electronics and chemicals clusters," MTI Permanent Secretary Gabriel Lim told reporters.MTI said gross domestic product grew 4.1% year-on-year in the third quarter, below the 4.4% growth seen in the government's advance estimate.
MUFG analyst Jeff Ng said the city-state's economic growth was dampened by a sharp deterioration of manufacturing performance, especially for electronics, over the past few months. On a quarter-on-quarter seasonally adjusted basis, the economy grew 1.1% in the third quarter, compared with the government's advance estimate of 1.5% growth and the 0.1% contraction in the second quarter.Singapore is among the many global economies battling stubbornly high inflation, which is running near a 14-year peak.
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