While Q3’s growth exceeded expectations, economists remain uncertain about Singapore’s full-year economic performance.
Despite an unexpected 0.7% year-on-year growth in Singapore’s GDP for Q3 2023, economists are divided on the country’s full-year growth outlook. The third-quarter growth exceeded the 0.5% from Q2 and surpassed the 0.4% forecasted by analysts polled by Bloomberg.
Although the positive result for Q3 was a pleasant surprise, economists remain cautious about the broader economic outlook. While the Monetary Authority of Singapore (MAS) anticipates gradual improvement in the second half of 2024, many economists are still uncertain about whether this momentum can be sustained throughout the rest of 2023, with prospects for the near term remaining muted.
