Singapore’s economy should grow faster next year than this year, while inflation will likely ease this year and drop further in 2024, a quarterly survey of private sector economists by the Monetary Authority of Singapore (MAS) reveals.
The forecasts for the economic and inflation outlook were more optimistic during the period of this survey than when it was last conducted in December, due in part to China’s economic reopening.
Overall, the economists in the survey predicted that Singapore’s economy will expand by 1.9% this year, down from the 3.8% expansion in 2022. However, the economy is projected to grow by 2.5% next year.
Inflation, which stood at 6.1% last year, will likely drop to 5% this year and to 3.1% in 2024.
Core inflation, which strips out private road transport and accommodation costs, averaged 4.1% in 2022. It is forecast to remain at 4.1% in 2023 before declining to 2.9% next year, according to MAS.
As for the labor market, the unemployment rate is forecasted to be 2.2% at year-end.
Read the full analysis HERE.
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