According to the latest official view on May 25, the performance of advanced economies such as the US and Eurozone has been more resilient than expected, supported by domestic services demand.
With an uneven picture ahead, the Ministry of Trade and Industry has maintained its full-year 2023 GDP forecast at a growth 0.5 to 2.5%, with growth likely to come in at around the mid-point of the range.
On one hand, the global economic environment remains weak. However, there are certain Singapore economic sectors such as air transport and hospitality extending their post-pandemic rebound. In addition, the neighbouring Asean economies are seen to enjoy steady growth prospects too.
