Economists downgrade Singapore’s 2023 growth forecast to 1.8%: survey

PRIVATE-SECTOR economists have slashed their 2023 forecast for Singapore’s economic growth to 1.8 per cent – down from 2.8 per cent before – while raising their inflation forecasts, in the latest quarterly survey of professional forecasters published by the Monetary Authority of Singapore (MAS) on Wednesday (Dec 14).

Inflation in 2023 is now expected at 5.2 per cent for headline inflation – up from 3.5 per cent in the last quarter’s survey – and 4 per cent for core inflation, up from 3.1 per cent before. (*see amendment note)

Though gloomier than the previous quarter’s survey, the updated 2023 expectations are within official forecast ranges for both inflation and growth, with the latter being 0.5 to 2.5 per cent.