23rd November 2022 – (Singapore) Singapore’s Ministry of Trade and Industry (MTI) announced on Wednesday morning that barring the materialisation of downside risks, the Singapore economy is expected to grow by 0.5-2.5 percent in 2023.
The ministry said that GDP growth rates in most major economies are expected to moderate further next year from 2022 levels, with sharp slowdowns projected in the United States and Eurozone.
Meanwhile, global supply disruptions are likely to continue into 2023, even though the extent and frequency of disruptions are expected to ease, the ministry said, adding that the global economy will continue seeing significant uncertainties and downside risks next year.
The growth of outward-oriented sectors in Singapore is expected to weaken next year in tandem with the deterioration in external demand conditions, but the growth prospects of several sectors, particularly the aviation- and tourism-related sectors, remain positive.
Meanwhile, the ministry revised the GDP growth rates for the third quarter of 2022 downwards to 4.1 percent year on year and 1.1 percent quarter on quarter.
As for the whole year of 2022, the ministry narrowed the GDP growth forecast for Singapore from 3-4 percent to around 3.5 percent, taking into account the year-on-year 4.2 percent GDP growth in the first three quarters, as well as the latest external and domestic developments.
In 2021, Singapore’s economy grew by 7.6 percent.