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Singapore Economy to Grow 2.5 Per cent in 2012: Economists

by Jared Heng

A Monetary Authority of Singapore survey of 25 economists and analysts showed that the nation’s economy is expected to grow by 2.5 per cent this year.

This was a downgrade from the 3-per cent median forecast in the previous survey last December.

The respondents have also lowered their growth projections for manufacturing, financial services, construction, and accommodation & food services, compared with the December survey.

For 2013, the respondents expect Singapore’s GDP growth to register 4.5 per cent.

Meanwhile, their median CPI inflation forecast for 2012 is 3.5 per cent, up from the 3.1-per cent projection in the December survey.

The respondents expect the unemployment rate to be at 2.3 per cent by year-end, slightly lower than the 2.4 per cent forecasted in the December survey.