Singapore Growth Edges Past Estimates

The latest growth forecast for Singapore suggests increasing confidence in the domestic economy despite the risks that have gathered pace in recent weeks alongside global trade tensions, Nikkei reported. The outlook for some of Singapore’s key markets has improved, the ministry of trade and industry said, while revising up the lower end of its forecast range for the year. MTI said it expects gross domestic product to grow between 2.5% and 3.5% this year, as compared to the 1.5%-3.5% range announced previously. Although growth in China, Singapore’s largest market, is expected to slow, the pace in key countries of the Association of Southeast Asian Nations is expected to remain firm, MTI said. Still, some uncertainties and downside risks have also increased since early 2018, it said. At a question-and-answer session after a media briefing, Loh Khum Yean, permanent secretary for trade and industry, said he wouldn’t speculate on how global trade tensions would play out and added that the ministry would review its forecasts as developments unfold.