The growth outlook for Singapore's economy has become more challenging, but a significant downturn is still unlikely, the Ministry of Trade and Industry (MTI) said on Thursday.
It said the economy is expected to expand by 0.5 percent to 2.5 percent in 2023, with growth likely to come in at around the midpoint of the range.
Even as MTI's guidance shows that the higher end of the forecast range is probably out of reach amid weak global demand for Singapore's exports, the economy may still avoid a technical recession two consecutive quarters of contraction due to a resilient recovery in the service sector led by travel- and tourism-related businesses.
"We do not expect a technical recession this year," said Ms Yong Yik Wei, MTI's chief economist.
"But obviously, given the downside risks and the weakening outlook, we cannot rule out the possibility that there could be some quarters of negative quarter-on-quarter growth this year. But again, that's not our baseline," she said.
Most analysts, including those at DBS Bank and Nomura, agreed with MTI's assessment, saying that while the economy will slow, another quarter of negative growth is unlikely.
MTI on Thursday also revised up its data for first-quarter gross domestic product growth. In the first three months of the year, the economy grew by 0.4 percent year on year, slowing from the 2.1 percent expansion in the previous quarter. The figure was higher than the advance estimate of 0.1 percent growth released in April.
On a quarter-on-quarter seasonally adjusted basis, the economy shrank by 0.4 percent, a reversal from the 0.1 percent growth in the fourth quarter of 2022.
Still, this was better than the previous estimate of a 0.7 percent decline and a forecast for a 0.6 percent contraction in a Bloomberg survey.
ãã®èšäºã¯ The Straits Times ã® May 26, 2023 çã«æ²èŒãããŠããŸãã
7 æ¥éã® Magzter GOLD ç¡æãã©ã€ã¢ã«ãéå§ããŠãäœåãã®å³éžããããã¬ãã¢ã ã¹ããŒãªãŒã8,500 以äžã®éèªãæ°èã«ã¢ã¯ã»ã¹ããŠãã ããã
ãã§ã«è³Œèªè ã§ã ?  ãµã€ã³ã€ã³
ãã®èšäºã¯ The Straits Times ã® May 26, 2023 çã«æ²èŒãããŠããŸãã
7 æ¥éã® Magzter GOLD ç¡æãã©ã€ã¢ã«ãéå§ããŠãäœåãã®å³éžããããã¬ãã¢ã ã¹ããŒãªãŒã8,500 以äžã®éèªãæ°èã«ã¢ã¯ã»ã¹ããŠãã ããã
ãã§ã«è³Œèªè ã§ã? ãµã€ã³ã€ã³
GAWILAN EYES PARIS PEAK
But before that, the Filipino is set to duel with Toh at OCBC Aquatic Centre
DOI WANTS TO BE SPL LEGEND ON RETURN
After toughâ stints, 2021 Player of the Year looks to make a bigger impact with Geylang
Intensity helps Paul to unlock Hurkacz
When things got a little topsy-turvy at the Italian Open quarter-finals on May 16, Tommy Paul told himself that he had to up the \"intensity\" to win.
DONCIC PLAYS SMILING ASSASSIN
Slovenian star finds his focus as Mavericks silence Thunder; Celtics see off Cavaliers
VJC TEAMS FLOOR RIVALS IN A DIVISION
Boys survive tense test in shoot-out win over RI as girls avenge loss to River Valley
SIA shares slip amid Investor concerns over rise In costs
Carrier says it is well-positioned despite headwinds as competition intensifies
Red Sea disruptions fragmenting global LNG trade into regions
LONDON It has been four months since a liquefied natural gas (LNG) tanker has passed through the narrow strait separating the Arabian Peninsula and Africa, testament to how violent attacks there have upended global energy trade.
Charles Keithâs co-founder named Businessman of the Year
Charles Wong lauded for role in turning shoe retailer into global fashion brand
Amazon workers say they struggle to afford food, rent
But firm describes study on US employeesâ economic well-being as deeply flawedâ
SUTD partners 12 institutions to enhance design education
Global alliance to explore student and faculty exchanges; it includes schools in Beijing, NY