“Final GDP figures for the first quarter announced today saw economic growth momentum easing amid increasing external headwinds,” writes Seah in a May 25 note.
Singapore faces slower growth ahead, as the Ministry of Trade and Industry (MTI) warned that 2022 GDP growth will come in at the lower half of the 3%-5% forecast range.
Warning of “emerging downside risk”, DBS Group Research senior economist Irvin Seah places the full-year growth figure at 3.5%.
