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Economists keep Singapore’s 2024 growth forecast at 2.4% but manufacturing outlook hit: MAS survey (Straits Times)
Private-sector economists maintained their 2024 outlook for Singapore, but switched the main drivers of growth from manufacturing and exports to finance and insurance.
Professional forecasters in the quarterly survey released by the Monetary Authority of Singapore (MAS) on June 12 forecast gross domestic product (GDP) expanding at 2.4 per cent this year, unchanged from their forecast in the March survey.
However, they slashed their forecast for growth in the key manufacturing sector to 1.6 per cent, from 4 per cent in the previous survey. With manufacturing outlook reduced, the pace of growth in non-oil domestic exports (Nodx) was cut to 4 per cent from 6 per cent.
Conversely, the finance and insurance sector was tipped to grow at 5.1 per cent, up from 3.4 per cent in the March survey.
Asia’s family office frenzy comes with plenty of imposters (Straits Times)...