The Business Times
business-time-50

Singapore’s economy faces sharp slowdown into 2023, despite escaping recession so far

google-preferred-sourceAdd BT as a preferred source
Annabeth Leow

Annabeth Leow

Published Thu, Jul 14, 2022 · 07:22 PM
    • Quarterly growth was flat on a seasonally adjusted basis in the second quarter – and momentum is expected to keep slowing.
    • Quarterly growth was flat on a seasonally adjusted basis in the second quarter – and momentum is expected to keep slowing. PHOTO: BLOOMBERG

    SINGAPORE’S economy is not expected to sink into decline just yet, with overall growth tipped to remain positive into 2023 despite a sluggish second quarter.

    Still, gross domestic product (GDP) growth looks headed for a sharp slowdown, with watchers warning that the outlook for the year ahead is highly uncertain.

    That’s as global recession risks – including in Singapore’s key trading partners – are expected to rise on global central banks’ aggressive containment of soaring consumer prices.

    Singapore economySingapore GDP

    TRENDING NOW

    Liang’s net worth more than doubled to US$36 billion, from around US$16.7 billion, according to the Bloomberg Billionaires Index. 

    DeepSeek founder Liang Wenfeng becomes the world’s richest AI model creator

    US Secretary of State Marco Rubio (far left) and Treasury Secretary Scott Bessent listening as President Donald Trump (centre) speaks to the media on the sidelines of a Nato summit in Ankara, July 8, 2026.

    A new kind of ‘ceasefire’ between US and Iran where talks, strikes are part of the same process

    President Trump’s U-turn illustrated the bind he was in, as hostilities with Iran resume and Teheran refuses to loosen its grip on the crucial waterway.

    Trump shelves 20% fee for Hormuz cargo after Gulf pressure

    Philippine’s Maharlika support for Petron through a credit facility shows the sovereign fund’s role in the nation’s energy security.

    Early payout from Philippines’ Maharlika Investment Fund raises eyebrows over its true nature

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More