Singapore's GDP to grow 2.2% in 2017: analyst

RHB provides 3 factors that could support its forecast.

The recovery in global exports lifts all boats, but none more so than Singapore’s. RHB notes that the island’s GDP picked up to 2.9% year-on-year in 4Q16 and it grew 2% in 2016, aided by a late surge in exports.

Going forward, RHB analysts project for Singapore’s GDP to grow 2.2% in 2017, from +2% last year, banking on:

i. The continued upturn in global demand, which would support the nation’s two key engines of growth, i.e. the manufacturing and logistics industries;
ii. Improving productivity gains, primarily in the manufacturing sector;
iii. Stabilising domestic demand, aided by a low base effect and supportive Government measures.

“Private investment, however, is envisaged to remain subdued, due to an oversupply in properties, as well as the plethora of risks which still plague the global economy.”

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