Singapore's economy is expected to grow by 3.8 percent this year, according to a quarterly survey of economists released by the Monetary Authority of Singapore (MAS).
The figure is unchanged from the previous survey done three months ago, despite gross domestic product (GDP) growth in the first quarter being lower than expected, MAS said. GDP grew 4.9 percent in the first quarter, lower than the median forecast of 5.3 percent reported in the March survey.
The economists pegged GDP growth for the second quarter at 3.3 percent, higher than the 3 percent forecasted in the previous survey.
Inflation is expected to slow, with the economists forecasting consumer price index (CPI) to come in at 2.2 percent for the full year, down from the 2.8 percent forecast in March. Core inflation – which excludes accommodation and car prices – is expected at 2.4 percent, unchanged from the previous survey. This indicates economists expect car prices and rents to come down from last year.
Looking further ahead, economists expect GDP will expand by 3.9 percent in 2015.
The MAS Survey of Professional Forecasters is conducted every quarter after the release of detailed economic data for the preceding three months. The median forecasts in the latest report were based on the estimates of 23 economists, MAS said.