Full-year outlook for economy narrows to 3.5% due to softened global demand

Electronics and chemical clusters will suffer from impacts in weaker demand.

The Ministry of Trade and Industry (MTI) is expecting the gross domestic product for 2022 to narrow to around 3.5%, following the stringent lockdowns in China and the Eurozone's energy woes.

The weaker global economic outlook will weigh on the growth of Singapore’s sectors such as electronics and chemical segments.

But the strong recovery in air travel and international visitor arrivals will beef up operations in aviation and tourism-related sectors “such as air transport and arts, entertainment & recreation, as well as consumer-facing sectors like food & beverage services.”

Economic reopening also heightened recovery in Singapore’s professional services sector.

In the third quarter of 2022, the Singapore economy eased by 4.1% on a year-on-year basis from the 4.5% increase in the preceding quarter. On a quarter-on-quarter seasonally-adjusted basis, the economy went up by 1.1%, reversing the 0.1% shrink in the second quarter.

Earlier, the government also projected that economic growth for the market will continue to ease, saying the 2023 economic outlook will be at 0.5% to 2.5%.

Follow the link for more news on

Ministry of Trade and Industry

Singapore GDP estimate

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia