Singapore’s Ministry of Trade and Industry (MTI) on November 24 cut its economic growth forecast for this year to 1.0-1.5 percent from 1.0- 2.0 percent.
A view of the skyline of Singapore's central business district (Photo: Reuters)
Singapore (VNA) – Singapore’s Ministry of Trade and Industry (MTI) onNovember 24 cut its economic growth forecast for this year to 1.0-1.5 percentfrom 1.0- 2.0 percent.
The cut was caused by a weak performance of the economy, although its GDPinched by 1.1 percent in the third quarter on a year-on-year basis, higher thanprevious estimate of 0.6 percent, said the MTI.
While on a seasonally-adjusted annualised basis, the economy shrank 2.0percent. The manufacturing sector contracted 9.1 percent, a reversal from the2.1 percent in the preceding quarter, while the service industry sector droppedby 1.3 percent.
The ministry also predicted that the full-year growth for 2016 of Singapore wouldbe lower than in 2015 as the global economy have remained sluggish. In thefirst quarters of this year, the country’s economy grew at a slower pace of 1.7percent compared to 2.1 percent over the same period last year.
According to the MTI, Singapore will continue to deal with challenges in 2017. Growthin economies like the US, Japan and ASEAN countries are expected to improve butgrowth in Eurozone and China moderates, causing challenges to Singapore nextyear.
In addition, investment reduction from US and Chinese firms and insourcingtrends might affect Singapore’s exports.
The ministry also projected that sectors such ꦏas electricity,telecommunications and industry-servic✱e might improve, while wholesale,financing and insurance sectors will continue to face difficulties from the outside.-VNA
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A view of the skyline of Singapore's central business district (Photo: Reuters) 
