Singapore’s economy to grow 1.9 pct growth in 2016

According to a survey of the Monetary Authority of Singapore (MAS) released on March 16, analysts downgraded their view on overall situation of the macroeconomics.

They forecast the country’s manufacturing sector will reduce 2.7%, worse than the previous median prediction of a 1.2% contraction.

Finance and insurance are anticipated to climb only 3.6% in 2016, compared to the 5.9% projection in December 2015’s survey.

However, analysts were of the view that construction will see a strong growth in the coming time with a rise of 2.6%, higher than the 1.2% growth in previous prediction.

Headline inflation forecasts for 2016 fluctuate between minus 1.0% to 0.0% and core inflation is expected from 0.5% to 1.5%. 

Meanwhile, the country’s GDP will enjoy a growth of 2.5% in 2017, analysts said. Core inflation, excluding personal accommodation and transportation is forecast at 0.8%, down from 1% in previous survey.