Flat growth for Singapore economy
THE INTERNATIONAL Monetary Fund expects the Singapore economy to grow by 2.9 per cent this year, the same pace as last year.
Growth will be supported by accommodative macroeconomic policies, lower energy costs and a gradual recovery in external demand, the IMF said in its latest report about Singapore.
The Singapore government’s forecast is for the economy to expand by 2-4 per cent this year, though some economists expect this to narrow to 2-3 per cent after dismal second-quarter numbers.
Economists have cut their own forecasts for 2015 growth, with United Overseas Bank’s Francis Tan downgrading his estimate to 2.5 per cent from 2.9 per cent, while Barclays’ Leong Wai Ho has cut his prediction to 2 per cent from 3.4 per cent.
The Asian Development Bank lowered its forecast for the growth of Singapore’s gross domestic product this year to 2.8 per cent from its March estimate of 3 per cent.
