Singapore’s Ministry of Trade and Industry (MTI) and the Monetary Authority of Singapore (MAS) are revising the country’s growth forecast for 2015 in the context of its inflation fluctuation for the whole year expected to range from minus 0.5 percent to 0.5 percent.
Singapore’s Ministry of Trade and Industry (MTI) and the MonetaryAuthority of Singapore (MAS) are revising the country’s growth forecastfor 2015 in the context of its inflation fluctuation for the whole yearexpected to range from minus 0.5 percent to 0.5 percent.
Accordingto MAS Managing Director Ravi Menon, the country’s economic growthwould not further worsen and the agency is reviewing its forecast for2015 taking into account low GDP in the first half of the year andpossible support factors in the second half.
He added that theglobal and regional economy’s recovery prospects are promising, creatingfavourable conditions for Singapore to maintain its growth.
Statisticsin July show Singapore’s economy expanded 4.6 percent in the secondquarter of this year and the GDP growth rate for the year’s first sixmonths hit 2.3 percent.
Meanwhile, Singapore has experienced negative inflation rates in the first seven months of this year.
Theagency has forecast inflation is expected to remain in the negatives inthe last half of 2015, but will increase in 2016 due to the impact ofrising vehicle and housing rent prices.-VNA
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