Singapore's GDP growth eases in Q1, but economists still positive on overall outlook

THOUGH Singapore's economy eased in the first quarter of 2022, most private-sector economists are still optimistic about its overall economic outlook and expect growth to pick up as soon as the next quarter.

However, economists Chua Hak Bin and Lee Ju Ye from Maybank took a more pessimistic view. They expect the Ministry of Trade and Industry (MTI) to downgrade its gross domestic product (GDP) forecast range to 2 to 4 per cent, from 3 to 5 per cent, when the final Q1 estimate is released.

Singapore's economy grew 3.4 per cent in Q1, according to advance estimates from MTI on Thursday (Apr 14).