SINGAPORE, Jan 3 — Singapore’s economy grew more than expected last year but much slower than in 2021, official data showed today, as analysts warned of weaker growth ahead owing to an expected recession in key markets.
Exports for computer chips and other products have been hit by softer global demand caused by surging inflation and sharp increases in interest rates. “While the slight outperformance suggests some resilience in economic activities for now, the overall trend remains on the downside,” Yeap Jun Rong, market analyst at online trading firm IG, said in a note.
Song Seng Wun, a regional economist with CIMB Private Banking, told AFP: “The Singapore economy, though faced headwinds, did well enough. But the outlook is cautious given that we are such a trade-dependent economy.”