Singapore maintains 2023 GDP forecast at 0.5% to 2.5%, after economy grew 3.6% last year

Singapore has maintained its growth forecast for 2023 at a range of 0.5 per cent to 2.5 per cent, as data on Monday showed the economy growing slower than expected last year.3.8 per cent

On a quarter-on-quarter seasonally-adjusted basis, the economy expanded marginally by 0.1 per cent, also missing an earlier forecast of 0.2 per cent and easing from the 0.8 per cent growth in the previous quarter. In particular, growth in China is set to pick up with the easing of the country’s strict pandemic rules.

The growth outlook for these Western economies remains weak because of tight financial conditions, which will weigh on consumption and investment spending.These include the impact of tighter financial conditions on global growth, as well as the risk of further escalations in the ongoing Ukraine war and geopolitical tensions among major global powers.

For instance, the semiconductors segment of the electronics cluster will likely be negatively affected by weaker global semiconductor demand, while the precision engineering cluster is projected to be weighed down by a cutback in capital spending by semiconductor manufacturers.

What a great forecast where the high of the forecast is 5x the lowest👏👏👏

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