Singapore narrows 2022 GDP forecast range to 3-4%

Singapore has changed its 2022 GDP growth forecast to a narrower and lower range from 3–5% to 3-4%, given how the global economic environment has deteriorated since the last assessment.

For the 2Q, Singapore’s GDP was up 4.4% y-o-y, a slight pick up from the 3.8% y-o-y growth seen in 1Q. However, q-o-q, the second quarter was down 0.2% over the first, a reversal from the 0.8 per cent expansion in the first quarter.