SINGAPORE - Private sector economists have cut their forecast for Singapore's economic growth for this year and the next amid a lacklustre global outlook, according to a new survey.
Growth should come in at 1.4 per cent this year, down from a forecast in September of 1.8 per cent, according to economists polled by the Monetary Authority of Singapore (MAS) in its latest quarterly survey out on Wednesday (Dec 14).
On next year's prospects, the survey respondents expect the economy to grow marginally faster at 1.5 per cent, a downgrade from their prediction in September of 1.8 per cent growth.
The lowered forecasts come as sectors like finance and insurance, construction and wholesale and retail trade are expected to grow at a slower pace than previously anticipated.
Non-oil domestic exports are also forecast to shrink 4.4 per cent this year, down from an earlier forecast of a 3.6 per cent contraction.
The MAS survey reflects the views of 22 analysts who monitor the Singapore economy.
Economists now also expect the Singapore dollar to weaken against the US dollar. One US dollar is expected to buy about S$1.43, according to their exchange rate forecasts for this quarter. This is up from S$1.38 in the earlier survey.