SINGAPORE: Singapore has trimmed its growth forecast for 2022, as the global economic environment weakens further amid challenges such as inflation and persistent supply chain disruptions.
Stronger than-expected inflationary pressures and aggressive monetary policy tightening by central banks are set to weigh on growth in major advanced economies, such as the United States and Eurozone. “The external demand outlook for the Singapore economy has weakened compared to three months ago,” MTI said in its report.These include the possibility of further escalations in the Ukraine war, disorderly market adjustments to monetary policy tightening in advanced economies, an escalation in regional geopolitical tensions and the trajectory of the COVID‐19 pandemic.
Source: News Formal (newsformal.com)
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