Singapore cuts 2023 GDP growth outlook to 0.5-1.5% on weak exports

Global electronics downturn 'more protracted than initially thought': official

20230810 Singapore port

A view of the Singapore skyline and the Tanjong Pagar container terminal. The trade-reliant economy is sensitive to global conditions. © Reuters

TSUBASA SURUGA, Nikkei staff writer

SINGAPORE -- Singapore on Friday narrowed its economic growth forecast for this year to 0.5% to 1.5%, down from the 0.5% to 2.5% range expected earlier, amid a weak global economy and sluggish demand among key trade partners like China.

Singapore's external demand outlook "remains weak" for the rest of the year, the Ministry of Trade and Industry said in a statement.

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