For 2024, the economic forecast remained unchanged at 2.5 per cent year on year. Read more at straitstimes.com.
SINGAPORE - Private sector economists expect the Singapore economy to weaken further compared with a prediction in June, but the pooled forecast of 1 per cent appears somewhat optimistic when cast against the actual 0.5 per cent gross domestic product expansion posted in the second quarter.the anticipated 1.4 per cent in the June edition,For 2024, the economic forecast remained unchanged at 2.5 per cent year on year in both the June and September surveys.
This is also reflected in the data for the manufacturing sector, which accounts for more than a fifth of the Singapore economy, as it is forecast to post a 4.4 per cent year-on-year decline, from minus 1.3 per cent in June and no growth in March. On the domestic front, while wholesale and retail trade edged higher to 1.3 per cent year on year, from 0.8 per cent, accommodation and food services noticeably softened to 8.8 per cent, after peaking at 10 per cent in the second quarter.Inflation is forecast to ease, with the consumer price index posting a 4.7 per cent year-on-year change, from 5 per cent in the prior period, although core inflation stood unchanged at 4.1 per cent.
Among corporate and financial indicators, the forecast for corporate profitability appeared less pessimistic, with two-thirds of the respondents expecting lower earnings, down from 77.8 per cent in the earlier forecast.
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