Singapore's GDP growth forecast for 2023 revised downward due to weak external demand

Singapore has narrowed its economic growth forecast for 2023 to a range of 0.5% and 1.5% due to weak external demand amid a sluggish global economy. The country's GDP for the April to June quarter grew 0.5% year-on-year, falling short of expectations. The manufacturing sector, particularly exports, has been hit hard, with a contraction of 7.3% in the April-June period. The government also highlighted downside risks in the global economy, including inflation, geopolitical tensions, and supply disruptions.