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Singapore's GDP growth revised down to average 2-4% per year from now to 2020: MTI

Tuesday, May 26, 2015 - 09:29

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The Ministry of Trade and Industry (MTI) has revised downwards its medium-term gross domestic product (GDP) growth forecast range to 2-4 per cent per year from now to 2020.

The Ministry of Trade and Industry (MTI) has revised downwards its medium-term gross domestic product (GDP) growth forecast range to 2-4 per cent per year from now to 2020.

The government had previously envisaged growth of 3-5 per cent per annum for the decade as a whole.

The lower forecast range was first announced by Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam on April 29, at NTUC's May Day dinner.

Said MTI permanent secretary Ow Foong Pheng: "The revised medium-term growth forecast range takes into account downside risks arising from an uncertain global economic environment, as well as the expected slowdown in resident workforce growth due to our ageing population."

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She was speaking to the media on Tuesday morning, at the release of Singapore's Q1 GDP growth numbers.

Mrs Ow added that the government expects to hit its productivity growth target of 2-3 per cent per year from 2009 to 2019 - although productivity growth is "more likely to come in closer to the lower end of the range".

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