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Alvin Tan on Singapore’s economic outlook

15:25 Min

Singapore does not expect a recession or stagflation next year, but there are still significant risks in the global economy, Minister of State for Trade and Industry Alvin Tan told Parliament on Monday (Jul 4). He said Singapore has seen a significant rise in inflation due to external factors and this is likely to pick up further, but moderate towards the end of the year. Economic activity in the country has, however, remained resilient. The economy is expected to grow by 3 to 5 per cent this year, probably in the lower half of that range, with growth moderating more next year. Mr Tan elaborated on the Government’s plans to address the challenging economic environment. He was responding to MPs’ questions.

Singapore does not expect a recession or stagflation next year, but there are still significant risks in the global economy, Minister of State for Trade and Industry Alvin Tan told Parliament on Monday (Jul 4). He said Singapore has seen a significant rise in inflation due to external factors and this is likely to pick up further, but moderate towards the end of the year. Economic activity in the country has, however, remained resilient. The economy is expected to grow by 3 to 5 per cent this year, probably in the lower half of that range, with growth moderating more next year. Mr Tan elaborated on the Government’s plans to address the challenging economic environment. He was responding to MPs’ questions.

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