Macro - Country Economic Forecasts - Singapore
Singapore started the year on a strong note as a rebound in household spending lifted the final Q1 GDP, supporting our view of the reopening boosting the domestic recovery. But with another upward revision to our global oil price and inflation forecasts, we have turned more cautious on the consumption outlook going forward. At the same time, a weaker external environment has pulled down our exports forecast. Overall, we have nudged down our 2022 and 2023 growth forecasts by 0.1ppt to 3.2% and 2.2% respectively from a month earlier.
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