Private sector economists have slashed their growth forecasts for this year and next, as various sectors, including finance, construction and retail trade are expected to grow at a slower pace than earlier expected.
A survey by the Monetary Authority of Singapore of 22 analysts who monitor the Singapore economy found they now expect the economy to grow 1.4 per cent this year, down from an earlier projection of 1.8 per cent expansion.
This is in line with the Government's own forecast. The Ministry of Trade and Industry has said it expects growth for the year to come in at between 1 per cent and 1.5 per cent.
The surveyed economists expect the economy to grow at 1.5 per cent next year, also a downgrade from previous predictions of 1.8 per cent growth.
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