, Singapore

China’s economic reopening not enough to beat slowing global growth: IMF

A Reuters report showed that Singapore and ASEAN nations are affected.

International Monetary Fund (IMF) experts revealed Singapore and its Southeast Asian neighbours may see decline in its full year growth due to muted global growth even as China declared its reopening.

A Reuters report showed that the IMF reduced Singapore’s economic growth outlook for 2023 to 1.5% from the 2.3% forecast issued last October.

The IMF's 2023 forecast for five ASEAN nations - Singapore, Malaysia, Vietnam, Indonesia and the Philippines - was reduced to 4.3% from 4.5% in the October forecast. The fund's 2024 forecast was also down by 0.2 percentage point to 4.7%.

Recent reports from analysts also showed that the slow global growth will also impact banks. 

Read the Reuters report here.

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