16:15 | 22/07/2015 Global Economy
Singapore’s Ministry of Trade and Industry (MTI) and the Monetary Authority of Singapore (MAS) are revising the country’s growth forecast for 2015 in the context of its inflation fluctuation for the whole year expected to range from minus 0.5 percent to 0.5 percent.
Illustrative image (Source: straitstime.com)
According to MAS Managing Director Ravi Menon, the country’s economic growth would not further worsen and the agency is reviewing its forecast for 2015 taking into account low GDP in the first half of the year and possible support factors in the second half.
He added that the global and regional economy’s recovery prospects are promising, creating favourable conditions for Singapore to maintain its growth.
Statistics in July show Singapore’s economy expanded 4.6 percent in the second quarter of this year and the GDP growth rate for the year’s first six months hit 2.3 percent.
Meanwhile, Singapore has experienced negative inflation rates in the first seven months of this year.
The agency has forecast inflation is expected to remain in the negatives in the last half of 2015, but will increase in 2016 due to the impact of rising vehicle and housing rent prices./.