ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
Economy

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.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more