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Singapore sees 2023 GDP growth as low as 0.5% as exports slump

City-state trims Q3 figure for this year, expects 'around 3.5%' expansion in 2022

Singapore's nonoil exports shrank 5.6% on the year in October, breaking a nearly two-year streak of consistent expansion.   © Reuters

SINGAPORE -- Singapore on Wednesday projected its economic growth rate for next year to come in as low as 0.5%, as an export slump underscores a worsening global outlook.

Trade officials said the range for 2023 could start from that floor to a ceiling of 2.5% -- weaker than the "around 3.5%" expansion now forecast for this year. For the July-September quarter, the preliminary figure of 4.4% growth was trimmed to 4.1% year-on-year.

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