Singapore economy beats estimates as government warns of risks | Economy


Southeast Asian city-state warns of rise in ‘draw back dangers’ amid rising rates of interest, escalation of warfare in Ukraine.

Singapore’s economic system expanded by 0.4 % within the first quarter amid authorities warnings of a dismal outlook for the worldwide economic system.

The Southeast Asian city-state’s financial efficiency for the January-March interval was higher than anticipated however fell wanting the two.1 % progress recorded within the earlier quarter.

The Ministry of Commerce and Business (MTI) on Thursday warned of an increase in “draw back dangers”, together with rising rates of interest and escalations within the warfare in Ukraine, however maintained its progress forecast for 2023 at between 0.5 and a pair of.5 %.

The ministry mentioned this 12 months’s progress would possible fall in the course of its forecast vary.

Singapore’s economic system, a serious monetary hub that’s closely depending on commerce, is usually seen as a barometer of the worldwide economic system due to its publicity to worldwide situations.

Gabriel Lim, the commerce ministry everlasting secretary, mentioned the demand outlook for 2023 had deteriorated.

“Singapore’s exterior demand outlook for the remainder of the 12 months has weakened,” Lim informed a information convention.

“Aside from the anticipated slowdown within the superior economies, the electronics downcycle is more likely to be deeper and extra extended than earlier projected.”

Singapore’s economy grew 3.8 percent in 2022, down from 7.6 % the 12 months earlier than, because the lifting of COVID-19 restrictions and border controls helped buoy financial exercise.

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