Skip to content

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
Updated on

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.”