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  • World - Asia
  • Updated: May 25, 2023

Singapore's Economy Grows By 0.4 Per Cent, Facing Challenges Amid Global Outlook

Singapore's Economy Grows By 0.4 Per Cent, Facing Challenges

Singapore's economy on Thursday expanded by 0.4% in the first quarter, surpassing expectations despite warnings from the government about a gloomy global economic outlook.

However, the growth fell short compared to the 2.1% recorded in the previous quarter.

As a major financial hub heavily reliant on trade, Singapore's economic performance is closely monitored as an indicator of the global economy due to its exposure to international conditions.

The Ministry of Trade and Industry (MTI) expressed concerns about rising downside risks, including escalating interest rates and the ongoing war in Ukraine.

Despite these challenges, the MTI maintained its growth forecast for 2023 at a range of 0.5% to 2.5%.

However, the ministry noted that this year's growth is expected to fall in the middle of the forecast range, implying a moderate economic expansion.

Singapore's economy witnessed a growth rate of 3.8% in 2022, a decline from the 7.6% growth recorded the previous year.

The lifting of COVID-19 restrictions and border controls played a crucial role in supporting economic activity during that period.

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