Experts have revised their forecasts for the growth of Singapore’s economy in the current year to improve.
The mentioned vision of the prospects is contained in the results of a special survey of the central bank of the specified country, which was published on Wednesday, September 11. In this case, external growth is considered the main source of momentum for the upward trajectory of the economy.
The consensus opinion of 21 economists surveyed by the Monetary Authority of Singapore (MAS) is that the gross domestic product (GDP) in this country will grow by 2.6% in the current year. It is worth noting that the forecast versions released in March and June provided that the mentioned indicator would increase by 2.4%. Also, economists surveyed by MAS predict that Singapore’s economy will grow by 2.5% next year.
The majority of the mentioned experts suggest that shortly the country’s central bank will not make changes to its monetary policy strategy.
It is worth noting that expectations of Singapore’s economic growth in the current year are largely associated with a positive assessment of the prospects for sectors such as finance, insurance, construction, wholesale and retail trade.
Last month, the country’s trade ministry adjusted its forecasts for GDP rise in 2024 to 2% to 3%, from 1% to 3%. These estimates are based on the fact that in the second quarter of the current year, the corresponding indicator showed an increase of 2.9%. The mentioned result exceeded the preliminary expectations.
The median forecast for headline inflation in Singapore for 2024 was 2.6%. In this case, the point of view of the economists surveyed by MAS is implied. It is worth noting that the June forecast provided for the specified indicator at 2.8%.
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