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Economists cut Singapore GDP forecast to 3.5% for 2022

Economists have downgraded their forecast for Singapore's GDP growth this year. They are now expecting full-year GDP to grow 3.5%, slightly worse than the 3.8% projection they made in June, according to the latest survey by the Monetary Authority of Singapore (MAS). The external growth slowdown is now the most-cited downside risk to Singapore’s growth outlook and was identified by more than 7 in 10 respondents. It was also ranked the top downside risk by 57.1% of respondents. In June, only 17.6% of respondents considered this the top risk. Maybank senior economist Chua Hak Bin said the sudden and sharp drop in Singapore’s semiconductor manufacturing in July is a warning sign that the US and global growth is deteriorating rapidly.

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