FW: RHB | Singapore | A More Moderate But Resilient Growth

 

 

 

Economic Research			26 March 2018
Singapore
Economic Outlook
A More Moderate But Resilient Growth   Singapore’s real GDP growth is likely to expand at a more moderate pace in 2018, in line with a slowdown in exports and on account of a higher base effect. This is as the strong semiconductor up-cycle is unlikely to be repeated this year while rising trade tension between the US and China poses downside risk. However, we believe the overall economic growth is likely to remain resilient, as exports are expected to continue growing, albeit slower. Also, domestic demand is set to rebound and, together with broad structural improvements in productivity, growth is likely to remain relatively strong this year, in our view. The former is premised on an improvement in the residential market and regulation-driven investments. Overall, we forecast the island’s real GDP to grow 3% in 2018, a slowdown from +3.6% in 2017.     Economist:  Peck Boon Soon  | +603 9280 2163
To access our recent reports please click on the links below: 21 Dec 2017: GDP To Slow, But Not Too Severe 21 Sep 2017  : GDP To Rise On Capex Tide, Both Locally And Abroad 20 Jun  2017  : Structural Gains Help Mitigate Slowing Growth 28 Mar 2017  : Key Beneficiary Of External Recovery 30 Dec 2016  : Outlook Remains Dim On Sluggish Exports And Rising Interest Rates 28 Sep 2016  : GDP Growth Tied To Flagging External Demand
Economics Team
Arup Raha	Group Chief Economist	arup.raha@rhbgroup.com		+65 6232 3896
Peck Boon Soon	Chief ASEAN Economist	bspeck@rhbgroup.com		+603 9280 2163
Vincent Loo Yeong Hong	Malaysia, Vietnam	vincent.loo@rhgroup.com		+603 9280 2172
Rizki Fajar	Indonesia, Philippines	rizki.fajar@rhbgroup.com		+6221 2970 7065
Aris Nazman Maslan	Malaysia, Vietnam	mohd.aris.nazman@rhbgroup.com		+603 9280 2184