Uncertainties have clearly increased: MAS

GDP growth forecast range remains at 5 – 7% for now though, says Managing Director Ravi Menon.

During the MAS’ Annual Report press conference, he said economic growth took a sharp step-down in the second quarter following the strong performance in the first quarter.

The MAS Managing Director explained, "First, disruption to regional supply chains in the aftermath of the Japan earthquake was much more severe than expected. Second, the rise in oil prices due to the unrest in the Middle East and North Africa has put a dampener on global demand. Singapore’s trade-related sectors bore the brunt of impact. Both manufacturing output and re-exports saw sequential declines in Q2. In year-on-year terms, GDP growth averaged 4.7% in the first half of this year.”

There is more uncertainty in US and Europe compared to three months ago, said Menon, so the prognosis for global economy has taken on a more cautious tone.

“On balance, the Singapore economy should register moderate growth for the rest of this year. Some industry-specific factors that dragged down growth in electronics and pharmaceuticals are expected to be transitory and the manufacturing sector should pick up from the soft patch we saw in Q2. The services industries, especially financial and tourism-related activities, should remain firm due to strong regional demand,” he said.

MTI and MAS are reviewing Singapore’s GDP growth forecast, although for now they’re keeping the 5-7 % forecast range. If the pick-up from the downturn in the second quarter is weaker than currently expected, Menon said growth could come in at the lower half of the range.

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. 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