The IMF lowered Singapore’s real GDP growth forecast to 1% in May, down from 1.5% in its World Economic Outlook report released in April. In August, the Republic’s Ministry of Trade and Industry narrowed its 2023 GDP growth forecast to 0.5%-1.5% from 0.5%-2.5%.
The International Monetary Fund (IMF) is maintaining its 1% forecast for Singapore’s real GDP growth this year, citing weak global demand in 1H2023 while keeping its 2024 and 2025 forecasts unchanged at 2.1% and 2.5%, respectively.
The growth in Asia’s advanced economies, excluding Japan, is slowing down due to subdued external demand and the adverse impact of tight monetary conditions on interest-sensitive demand, notes the IMF in its Regional Economic Outlook for Asia and Pacific report, released Oct 18.
