Aug 11, 2023 04:52 PM

WORLD

Singapore Cuts Economic Growth Forecast on Weak Trade Outlook

By Ovais Subhani

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Singapore has downgraded its 2023 growth projection to a range of 0.5% to 1.5% from 0.5% to 2.5% previously. Photo: VCG

Singapore has downgraded its 2023 growth projection to a range of 0.5% to 1.5% from 0.5% to 2.5% previously. Photo: VCG

(The Straits Times) — Singapore downgraded its economic growth forecast for 2023 to a range of 0.5% and 1.5% amid a weak outlook for the export-driven manufacturing sector.

The growth forecast was narrowed from an earlier range estimate of 0.5% to 2.5% after the economy grew by an annual 0.5% in the second quarter of 2023 and 0.4% in the first three months, said the Ministry of Trade and Industry (MTI) on Friday.

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