RHB | Singapore | Balanced Growth Path Trajectory

Economic Research	25 July 2014
Singapore
Economic Outlook
Balanced Growth Path Trajectory Singapore’s economy will likely grow at a more moderate pace in the 2H at 3.1% y-o-y compared with +3.5% in the 1H, as Singapore’s exports have yet to benefit fully from a global economic recovery that remains slow and uneven. Also, a gradual appreciation of the currency will likely limit the country’s export growth. This, however, will likely be cushioned by a pick-up in domestic demand, on the back of a rebound in investment and consumption. For the whole year, we are revising down our 2014 growth forecast to 3.3% from previously +3.8% due to a combination of lacklustre exports and lower manufacturing output in the 1H of the year. Economist:  Singapore Research  | +65 6533 0781