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Singapore’s growth forecast for 2022 lowered

Singapore’s official full-year growth forecast for 2022 has been narrowed to around 3.5%. The latest full-year growth forecast comes after the Ministry of Trade and Industry (MTI) earlier narrowed the forecast range to 3% to 4% in August, from a previous projection of 3% to 5%. The MTI said the 2022 full-year forecast takes into account the performance of Singapore’s economy in the first three quarters, when growth averaged 4.2% year-on-year, as well as the latest external and domestic developments. For 2023, growth rates in most major economies are expected to moderate further from 2022 levels, with sharp slowdowns expected in the United States and Europe. The MTI said global supply chain disruptions due to Russia’s war in Ukraine are expected to persist, though they may be less extensive and frequent.

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