Singapore Keeps 2023 Growth Forecast Amid China Reopening Boost

(Bloomberg) — Singapore reaffirmed its growth forecast for 2023 after a slower-than-expected performance last year amid cautious optimism from China’s reopening and lingering risks from slowing demand globally.

Gross domestic product is projected to expand by 0.5%–2.5% this year, the Ministry of Trade and Industry (MTI) reported Monday, maintaining its estimate provided by Prime Minister Lee Hsien Loong Dec. 31. The government reported 2022 growth at 3.6%, compared with a projection of 3.8%.