Source: Bangkok Post
SINGAPORE - The Singapore economy is expected to grow at the lower end of the 1 to 2% range this year and is not expected to improve substantially next year, the Monetary Authority of Singapore said Tuesday.
"Gross domestic product growth is on current indications not expected to pick up significantly in 2017, reflecting weak global demand and the cyclical as well as structural factors weighing on Singapore's exports," the central bank said in its Macroeconomic Review.
"Growth is expected to be only slightly higher in 2017," it said.
Transport engineering and selected precision engineering clusters within manufacturing are being hit by a slump in demand for oil exploration and production equipment amid the current low oil prices, it added.
Sea transport services will remain affected by the slowdown in trade within Asia.
Singapore Deputy Prime Minister Tharman Shanmugaratnam said recently that the country has to prepare for growth "below 2% for a couple of years."