Singapore’s economy is likely to have expanded at a slower pace in the first quarter, posing a challenge for the central bank as it seeks to balance containing persistent inflation with efforts to shore up weakening growth. | Reuters
Growth in the services industry is expected to help offset the plunge in manufacturing, analysts said.
“Going ahead, the services should still continue to underpin GDP growth in the coming quarters,” she added.The government had projected GDP growth of 0.5-2.5 percent for this year, saying while the growth outlook for aviation- and tourism-related sectors has improved, externally oriented sectors remain weak given the broader slowdown in the global economy.
The MAS has said core inflation was likely to stay at about 5 percent for the early part of 2023. The bank has tightened monetary policy five times in a row, the last move being in October 2022.
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