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.
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The Ministry of Trade and Industry (MTI) said on Thursday (Aug 11) that the country’s gross domestic product (GDP) for this year is now expected to come in between 3 and 4 per cent, narrowing from the previous 3 to 5 per cent range.
Policymakers had warned in May that growth would likely come in at the lower half of the 3 to 5 per cent forecast range for this year.
MTI said the global economic environment has “deteriorated further” since its last assessment in May.
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.
China continues to grapple with a deepening property market downturn and recurring domestic COVID-19 outbreaks; and supply chain disruptions are likely to persist for the rest of the year given how factors such as the Russia-Ukraine conflict and China’s zero-COVID policy remain.
“The external demand outlook for the Singapore economy has weakened compared to three months ago,” MTI said in its report.