, Singapore

Economists cut GDP growth forecast to 0.6% : MAS survey

Q3 growth is expected to come in at an average of 0.3%.

Economists surveyed by the Monetary Authority of Singapore cut their 2019 growth forecasts to 0.6% from the earlier projected 2.1% in June.

The most likely outcome was estimated at a 0.5-0.9% range, lower than in the previous survey at 2.0-2.4%.  

In addition, the Consumer Price Index (CPI) inflation for all items and MAS Core Inflation for 2019 are expected to slow to 0.7% and 1.2%, respectively, from 0.9% and 1.4% in the previous poll.

In line with this, the estimated growth in Q3 is expected to come in at 0.3% YoY. Escalating US-China trade tensions and further slowdown in China were cited by the respondents as their top concerns.

The Q3 forecast reported a median of 0.6% and 1.0% YoY respectively.

Singapore's GDP growth slowed down to 0.1% in Q2, lower than the previously projected 1.6%.

By 2020, the economy is expected to grow to 1.6%, with a growth outcome within the the 1.0-1.9% range, lower than the 2.0-2.4% estimate in the previous survey.

For 2020, CPI-All Items inflation is projected at 1.0%, whilst MAS Core Inflation is expected to be 1.3%. 

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!