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LATEST figures suggest that Singapore’s pandemic recovery is slowing, even as significant global headwinds — including China’s slowdown, further supply chain disruptions, and potential escalations in geopolitical tensions — lie ahead.
Downward revision, further slowing of GDP growth
In August, Singapore’s second quarter growth rate was revised downwards to 4.4 per cent year on year, slower than the earlier advance estimate of 4.8 per cent. On a seasonally-adjusted, quarterly basis, the economy shrank 0.2 per cent quarter on quarter, a reversal from the 0.8 per cent growth recorded in Q1.
The Ministry of Trade and Industry narrowed its official full-year growth forecast to between 3 and 4 per cent, from the previous range of between 3 and 5 per cent. Economists now expect full-year GDP to grow 3.5 per cent, slightly worse than the 3.8 per cent projection they made in June.
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