Economists slash Singapore growth forecast to 1.7%, with manufacturing expected to shrink: survey

[SINGAPORE] Private-sector economists’ forecasts for Singapore’s full-year 2025 growth and inflation fell sharply in the latest quarterly survey published by the Monetary Authority of Singapore (MAS), as expectations dimmed amid worsening US-China tensions.

“The downgrade in the survey forecasts comes on the back of (US President Donald) Trump’s ‘Liberation Day’ reciprocal tariffs,” said Maybank economist Chua Hak Bin, who also cited the lowering of official forecasts as a factor.

In the latest quarterly survey of professional forecasters on Wednesday (Jun 18), the median growth forecast fell to 1.7 per cent – dragged down by an anticipated manufacturing contraction – from 2.6 per cent previously.