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

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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

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    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.

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