Singapore on Wednesday forecast its economic growth would slow to between 0.5% and 2.5% in 2023 from about 3.5% this year amid global economic pressures that would hit demand for the city-state's outward-oriented industries like trade and finance.
The 3.5% projection for 2022 was narrowed from an earlier range of 3% to 4% by the Ministry of Trade and Industry (MTI). The ministry said gross domestic product (GDP) grew 4.1% year-on-year in the third quarter, below the 4.4% growth seen in the government's advance estimate.
On a quarter-on-quarter seasonally adjusted basis, the economy grew 1.1% in the third quarter, compared with the government's advance estimate of 1.5% growth and the 0.1% contraction in the second quarter.
"For the rest of the year, the weaker external economic outlook will weigh on the growth of Singapore's outward-oriented sectors, including the electronics and chemicals clusters," MTI Permanent Secretary Gabriel Lim told reporters.