Singapore economy set for further slowdown as demand deteriorates worldwide

Besides rising living costs and higher interest rates, Singapore faces even bigger risks, such as a recession in major economies. PHOTO: ST FILE
New: Gift this subscriber-only story to your friends and family

SINGAPORE - Singapore's economy is set for a significant slowdown in this half of the year with demand for goods and services facing challenges both at home and abroad, analysts said.

Rising living costs and higher interest rates are likely to squeeze household and business spending alike, risking growth at both consumer-facing and trade-driven sectors of the economy.

Already a subscriber? 

Read the full story and more at $9.90/month

Get exclusive reports and insights with more than 500 subscriber-only articles every month

Unlock these benefits

  • All subscriber-only content on ST app and straitstimes.com

  • Easy access any time via ST app on 1 mobile device

  • E-paper with 2-week archive so you won't miss out on content that matters to you

Follow ST on LinkedIn and stay updated on the latest career news, insights and more.