Economists cut forecast for Singapore's 2023 GDP growth to 1.8 pct

Marina Bay Sands in Singapore. (Photo: VCG)

SINGAPORE, Dec. 14 (Xinhua) -- The Monetary Authority of Singapore (MAS) announced in a report on Wednesday that economists and analysts polled in the Survey of Professional Forecasters expect Singapore's Gross Domestic Product (GDP) to expand by 1.8 percent in 2023.

This is one point lower than the 2.8 percent GDP forecast in the previous survey report released by MAS in September, and 1.2 points lower than the 3 percent forecast in the survey report released in June.

In the current survey, the respondents expect the economy to grow by 3.6 percent in 2022, up slightly from the 3.5 percent in the previous survey.

According to the latest survey report, Singapore's economy expanded by 4.1 percent year on year in the third quarter of 2022, which exceeded the respondents' median forecast of 3.9 percent in the previous survey.

Respondents expect the economy to grow by 2.1 percent in the fourth quarter of 2022 in the current survey.

As for inflation, the respondents forecast that Singapore's Consumer Price Index for all items (CPI-All Items) would grow by 6.1 percent and 5.2 percent respectively in 2022 and 2023, and the MAS core inflation, which excludes the costs of accommodation and private road transport, would come in at 4.1 percent this year and at 4 percent next year.

The MAS said this month's survey report reflects the views received from 21 respondents and does not represent MAS' views or forecasts.