From tighter financial conditions to simmering geopolitical tensions, these are the key factors that will sway Singapore’s growth prospects in the year ahead.
As economic growth slows, global trade and demand will inevitably take a hit.
Among Singapore’s key external demand markets, the outlook for the United States and eurozone economies is “weak” as tight financial conditions dampen consumption and investment spending, MTI said. “The projected recession in the US and most of Europe … will definitely send ripples through the ASEAN export supply chain. Singapore will likely feel the impact of the slowdown in global trade,” said ING’s senior economist Nicholas Mapa in a recent report.Singapore’s key non-oil domestic exports rose by just 3 per cent last year, down sharply from 12.1 per cent in 2021, on the back of a 14.1 per cent decline in the fourth quarter.this year.
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