Singapore maintains 2023 growth forecast amid global economic risks

Singapore‘s Ministry of Trade and Industry (MTI) has announced that it is maintaining its growth forecast for 2023 at 0.5% to 2.5%, with growth expected to be around the mid-point of this range. This comes as the economy experienced a 0.4% year-on-year growth between January and March, primarily due to the manufacturing, wholesale trade, and finance and insurance sectors.

The MTI’s assessment reveals that advanced economies, such as the United States and Eurozone, have demonstrated more resilience than anticipated. However, their growth outlook for the remainder of the year remains weak, with the US and Eurozone economies expected to decelerate more significantly in the second half of the year due to the lagged effects of monetary policy tightening.

On the other hand, China’s economic recovery is likely to be stronger than previously expected, driven by a…