Financial News: Singapore Economic Growth Forecast Upgraded: MAS Survey

Singapore Economic Growth Forecast Upgraded: MAS Survey

12/11/2024 - 05:25:00 (RTTNews)

(RTTNews) - Singapore's economic growth outlook for this year was upwardly revised on stronger manufacturing and wholesale and retail trade activities, the Survey of Professional Forecasters published by the Monetary Authority of Singapore showed on Wednesday.

Gross domestic product is projected to grow 3.6 percent this year, which was revised up from 2.6 percent in the previous survey. The respondents forecast economic growth of 2.6 percent in 2025.

Survey respondents downgraded consumer price inflation outlook for 2024 to 2.5 percent from 2.6 percent. Likewise, core inflation forecast was trimmed to 2.8 percent from 2.9 percent.

The unemployment rate is seen at 2.0 percent at the end of 2024.

Respondents cited geopolitical tensions, including higher tariffs as major downside risks to the domestic outlook. Respondents also suggested weaker growth in China and domestic cost pressures as other risks to the outlook.

Meanwhile, 64 percent of respondents said better-than-expected external growth as upside risk to outlook.

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