Singapore Growth Downgraded Ahead of Budget

Forecasters have slashed their growth expectations for Southeast Asia’s leading financial hub just a week before the government presents the 2016 budget.

Private economists polled by the Monetary Authority of Singapore (MAS), the city-state’s central bank, see gross domestic product (GDP) growth at 1.9 percent this year, down from a previous forecast of 2.2 percent in December and below last year’s reading of 2 percent.

2015 marked the weakest pace of growth since the economy contracted 1.3 percent in 2009, so if GDP growth does slip below 2 percent this year, it will mark a new seven-year low.

CNBC

Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.