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Economists downgrade Singapore's GDP growth to 2.4%

Published on Sep 12, 2012 12:10 PM
 
Concern is growing over Singapore's growth prospects this year, after professional forecasters and economists cut Singapore's growth forecast for the whole year. -- ST PHOTO: JOYCE FANG

Concern is growing over Singapore's growth prospects this year, after professional forecasters and economists cut Singapore's growth forecast for the whole year.

They now expect the economy to grow by 2.4 per cent, down from the previous 3 per cent growth forecast. The Government's official forecast is for the economy to expand between 1.5 per cent and 2.5 per cent.

But forecasters expect the economy to do better next year and grow by 3.9 per cent.

The survey by the Monetary Authority of Singapore also showed that many economists expect unemployment to hold steady at 2.1 per cent for the full year. Inflation should also be at the 4.4 per cent level, they said.