As such, UOB’s head of research Suan Teck Kin and senior economist Alvin Liew say Singapore’s overall budget position in FY2022 could turn out to be balanced instead of the budgeted small deficit of $3.037 billion or 0.5% deficit of GDP.
Economists are mixed on Singapore’s FY2023 Budget announcement on Feb 14, forecasting different surplus or deficit levels of gross domestic product (GDP) for Singapore’s FY2023 fiscal outlook.
For FY2022 ending March, economic growth slowed in 2H2022, with manufacturing the main drag. Despite this factor, Singapore’s overall GDP growth came in at 3.8% in 2022, down from 7.6% in 2021 — ahead of the official forecast of “around 3.5%”.
