SINGAPORE’S economic growth is officially forecast to slow to between 0.5 per cent and 2.5 per cent in 2023, a range that private-sector economists find surprisingly low.

The latest forecast by the Ministry of Trade and Industry (MTI) “is lower than the current market consensus expectation”, said Khoon Goh, head of Asia research at ANZ Bank in Singapore, adding: “Their cautious outlook reflects the challenging global backdrop which is expected to weigh heavily on Singapore’s export-oriented sectors.”

The 2023 gross domestic product (GDP) growth forecast was released on Wednesday (Nov 23), alongside a narrowed full-year forecast for 2022 and downgraded third quarter figures.