, Singapore
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GDP growth to ease in 2023 at 0.5%-2.5%

In 2022, the economy expanded by 3.6%.

The Ministry of Trade and Industry (MTI) retained its gross domestic product (GDP) growth forecast for 2023 at 0.5% to 2.5%, taking into account the global and domestic economic environment.

The 2023 growth forecast is a moderation from the expansion recorded in 2022 of 3.6%.

In terms of sectors, MTI expects better performance for the aviation- and tourism-related segments during the year, particularly air transport, accommodation and arts, entertainment & recreation.

MTI said the relaxation of China’s border restrictions will support growth in these sectors. 

Outward-oriented sectors, on the other hand, will likely see  “weak” growth in 2023, given the broader slowdown in the global economy. 

“For instance, the semiconductors segment of the electronics cluster is expected to be negatively affected by weaker global semiconductor demand, while the precision engineering cluster is projected to be weighed down by a cutback in capital spending by semiconductor manufacturers,” the MTI said.

“At the same time, growth in the wholesale trade, water transport and finance & insurance sectors will be dampened by the slowdown in major external economies,” the MTI added.

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