Singapore narrows 2023 growth forecast range to 0.5-1.5%, as external demand outlook remains weak

SINGAPORE — Singapore has trimmed its growth forecast for 2023 amid expectations for demand from key external economies to remain weak.

On a quarter-on-quarter seasonally-adjusted basis, Singapore’s economy expanded marginally by 0.1 per cent between April and June. This marked a reversal from a 0.4 per cent contraction in the first quarter but underperforming the advance forecast of 0.3 per cent. Escalations in the war in Ukraine and geopolitical tensions among major global powers also add to the risk of renewed supply disruptions, dampen consumer and business confidence, as well as weigh on global trade.

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