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

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.