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Singapore Says GDP Outlook Challenged by War, Covid Shocks

  • Economy seen growing at lower half of 3% to 5% forecast range
  • Central bank warns of market volatility, supply-side inflation
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Singapore sees its economy expanding at the lower end of its expected range this year as the war in Ukraine and sustained supply chain disruptions due to Covid-19 weigh on the outlook for the trade-reliant city-state.

While reiterating its earlier 3% to 5% growth expectations for 2022, the Ministry of Trade & Industry said Wednesday that “the external demand outlook for the Singapore economy has weakened compared to three months ago.”