SINGAPORE, Private-sector economists polled in the survey of professional forecasts raised Singapore’s 2018 growth forecast from previously predicted 3 percent to 3.2 percent, according to the survey result issued by the Monetary Authority of Singapore (MAS) on Wednesday.

They also forecast that Singapore’s economic growth would decline to 2.8 percent in 2019.

Singapore’s Ministry of Trade and Industry announced in February that the country’s economy grew 3.6 percent in 2017.

As reflected by the mean probability distribution, the respondents, on average, estimate between 3 and 3.4 percent to be the most likely growth outcome for the Singapore economy this year, and between 2.5 and 2.9 percent for the Singapore economy next year, according to the survey result.

The result of the MAS-run survey also shows as reflected by the mean probability distribution, the respondents project CPI-All Items Inflation and MAS Core Inflation to most likely fall in the ranges of 0.5-0.9 percent and 1.5-1.9 percent respectively in 2018 and in the ranges of 1-1.9 percent and 1.5-1.9 percent respectively in 2019.

The survey result says the electronics sector outperforming expectations was still the main potential upside for the city-state’s economy, while the possibility of a global trade war scenario present significant concerns for a proportion as large as 88 percent of respondents.

Source: NAM News Network

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