Experts fearlessly forecast a measly 0.8% GDP growth: MAS survey

For this year's first quarter.

According to the Monetary Authority of Singapore's March 2013 Survey, Singapore's economy is expected to grow by 2.8% in 2013, slightly higherthan the previous 2.7% median forecast.

As reflected by the mean probability distribution, the most likely outcome is for the Singapore economy to grow by between 2.0 to 2.9% this year.

For the first quarter of this year, the respondents expect GDP to grow by 0.8%. This is a slight downgrade from the earlier 1.2% forecast.
The median CPI inflation forecast for 2013 was 3.8%, unchanged from the December survey.

The respondents also expect MAS Core Inflation to be 2.0%, lower than the 2.2% reported in the previous survey. For Q1 2013, CPI All-Items inflation is expected to come in at 3.9%.

As for the labour market, the respondents continue to forecast the unemployment rate to be 2.0% by year-end.

The March 2013 Survey was sent out on 22 February 2013 to a total of 26 economists and analysts who closely monitor the Singapore economy. This report reflects the views received from 21 respondents (a response rate of 81%).

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