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.
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