StockTalk(8.11): Singapore's growth forecast for 2023 revised downward: Can the economy overcome external weakness?
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Singapore's growth forecast for 2023 has been narrowed to a range of 0.5% to 1.5%, reflecting weak external demand. The Ministry of Trade and Industry (MTI) revised the second-quarter GDP growth to 0.5%, slightly lower than the initial estimate.
However, this positive growth prevented the country from entering a technical recession. The downturn in China's economy and a prolonged slump in the manufacturing sector influenced the revised forecast. While growth could reach the higher end of the range, the ministry refrained from providing further qualitative guidance. Despite the challenges, Singapore is expected to experience modest year-on-year growth in the year's second half.
Will Singapore be able to navigate these challenges and achieve stronger growth in the coming months?
How will the country's economic policies adapt to stimulate growth in the manufacturing sector?
How will the country's economic policies adapt to stimulate growth in the manufacturing sector?
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Moomoo SGOP :
How do you perceive Singapore's Economic Outlook?
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snoopy123 : read from a reuters article quoting a trade ministry official at a press conference that a technical recession (=two consecutive quarters of contraction) was not expected this year.. so if the recent COE bidding results amidst increased (higher) petrol prices were of any indication, the general sentiments seemed to have turned the corner (bottomed) or are in a consolidation phase.. now, we are just waiting for some National Day Rally "goodies" to be announced (plus presidential elections) to spice things up a bit..
Gong Xi Fuck Cai ❤ : Yes, singapore will be able to achieve stronger growth. With ah long and his gang of teletubbies driving the lorry, singapore will not crash into the long kang or tree so no worries.
ZnWC : My short answer is yes but it depends in the following factors.
1. Fed rate hike in the next few months may further curb demand especially in manufacturing sector. If there's improvement in CPI data and other indicators pointing a falling inflation, a pause in rate hike may help to reverse the US economy slow fown.
2. Singapore government may roll out stimulus package to help revive the manufacturing sector if the economy slips into a technical recession.
Having said that, there's still challenges especially in the US-China tension which may affect Singapore economy. We need more data to see if the economy is moving towards growth or recession.