SINGAPORE: A poll of economists by Singapore’s central bank showed an unchanged result for expected economic growth this year.
According to the Monetary Authority of Singapore, economists’ median forecast was for Singapore’s GDP to grow 1.8% this year, the same pace they expected three months ago. A total of 22 economists and analysts who monitor Singapore’s economy responded to the central bank’s survey. They don’t represent the views or forecasts of the central bank, the Monetary Authority of Singapore said in a statement on Wednesday.
The survey predicted gross domestic product would rise 1.8% in 2017, down from the 2.1% GDP growth predicted in a survey three months ago.
A slump in regional trade and a slowdown in China, the biggest customer for the exports of several countries, have hurt many Asian economies. Singapore’s externally-oriented economy has been among the hardest hit by the trade slump, made worse by a decline in oil prices that has hurt the nation’s offshore and marine industry.
The survey predicts that on average, Singapore’s monthly consumer-price index would fall 0.5% this year, compared with an average 0.4% contraction predicted in the June survey. Singapore’s CPI contracted for the past 21 months.
The analysts expect the central bank’s core inflation measure to come in at 1.0%, higher than the 0.8% predicted in June. The core inflation measure strips out the costs of private road transport and accommodation, two items that don’t form a part of the typical Singaporean household’s monthly budget.
