Singapore GDP forecast 2023

SINGAPORE, March 9 [Reuters] - Singapore's economy is expected to grow 3% in 2023, as the city-state gradually reopens its borders to international travel, a survey of economists conducted by the city-state's central bank showed on Wednesday.

The most cited downside risk to Singapore's growth outlook was a sharper-than-expected pickup in inflation and an associated acceleration in monetary policy tightening by top central banks, the survey of 23 economists by the Monetary Authority of Singapore [MAS] showed.

Trade-reliant Singapore has registered near decade-high inflation rates recently, driven mainly by higher food and energy prices. read more

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Core inflation - the central bank's favoured price measure - is expected to come in at 2.7% this year, the survey showed, in line with the central bank's forecast and up from 1.8% in the last survey in December.

Headline prices are expected to rise 3.6% this year, the survey showed, slightly higher than central bank's forecast of between 2.5% and 3.5%.

Both headline prices and core inflation are expected to ease in 2023, said the survey.

Singapore has yet to release its official gross domestic product [GDP] forecast for 2023.

Singapore's economy is expected to grow 4% this year, the survey showed, in line with an official forecast of 3% to 5%.

In the first quarter of this year, the economists expect GDP to grow 3.7%.

MAS tightened its monetary policy settings in January this year, in its first out-of-cycle move in seven years as global supply constraints and brisk economic demand increased inflation pressures across the region.

The survey of the views of 23 economists "who closely monitor the Singapore economy" was conducted after the outbreak of hostilities in Ukraine on Feb. 24, MAS said.

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Reporting by Chen Lin in Singapore Editing by Ed Davies

Our Standards: The Thomson Reuters Trust Principles.

Ravi Menon, the managing director of the Monetary Authority of Singapore, speaks at a news conference in Singapore July 19, 2022. REUTERS/Anshuman Saga

SINGAPORE, July 19 [Reuters] - Singapore's economic growth is expected to moderate further next year, tracking a slowdown in its major trading partners, while global inflation is expected to ease in 2023, the head of the city-state's central bank said on Tuesday.

"We are seeing a surge in inflation globally because a robust demand recovery post-COVID has run into supply-side frictions and, more recently, war-related disruptions," said Ravi Menon, the managing director of the Monetary Authority of Singapore [MAS].

"Rising inflation has no doubt dented business and consumer confidence, but not yet to a degree that would lead to a severe downturn this year," Menon told a news conference after the MAS published its annual report.

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Last week, Singapore tightened its monetary policy in an off-cycle move that came just after Canada's surprise 100 basis point interest rate hike and before an out-of-cycle rate hike in the Philippines. read more

"Taming inflation is like trying to slow down a speeding car on a gentle slope. It takes a combination of forcefulness and calibration," Menon said.

"Inflation is expected to ease in 2023 as major central banks withdraw policy accommodation and supply challenges are addressed," the MAS said in its annual report.

Globally, policy makers are ramping up their battle against mounting inflation, driven by supply constraints caused by the Ukraine war and the pandemic. read more

Referring to Singapore, Menon said: "The extent of the growth moderation will depend in part on how the scenarios for the global economy will pan out. As of now, we expect neither a recession nor a stagflation in Singapore next year," he added.

The Southeast Asian financial hub, seen as a bellwether for global growth, has eased most of its pandemic-related local and travel restrictions since early April.

The central bank reiterated that it expects Singapore's gross domestic product growth to come in at the lower half of the 3-5% range forecast for 2022, while the core inflation projection was revised last week to between 3–4% for the year, higher than an earlier forecast.

Singapore's latest monetary tightening was its fourth in the past nine months.

"I'm glad we moved faster, which has put us in a better position. But doesn't mean we're out of the woods, we too are facing an inflation problem," Menon said.

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Reporting by Anshuman Daga and Chen Lin; Editing by Ed Davies and Kanupriya Kapoor

Our Standards: The Thomson Reuters Trust Principles.

What is the economic forecast for 2023?

A global recession may be avoided, but the world will probably experience notably below-trend growth of 2.1 percent in 2023. Beyond 2023, the global economy will likely return to its slowing trend growth rate [2.6 percent] relative to the prepandemic pace [3.3 percent].

What are the forecasts on the GDP growth rates for 2022 and 2023?

“We expect GDP [gross domestic product] growth in the Philippines to come in at 6.6% in 2022 and 6.2% in 2023, after the economy grew by 7.8% in the first half of this year,” Fitch Solutions Country Risk and Industry Research Head of Asia Country Risk Raphael Mok said in a webinar on Thursday.

What is the GDP of Singapore in 2022?

GDP in Singapore is expected to reach 340.00 USD Billion by the end of 2022, according to Trading Economics global macro models and analysts expectations. In the long-term, the Singapore GDP is projected to trend around 380.00 USD Billion in 2023 and 440.00 USD Billion in 2024, according to our econometric models.

Is GDP expected to grow 2022?

This outlook is associated with persistent inflation and rising hawkishness by the Federal Reserve. We forecast that 2022 Real GDP growth will come in at 1.5 percent year-over-year and 2023 growth will slow to zero percent year-over-year.

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