Neither Recession Nor Stagflation Expected for Singapore in 2023: Alvin Tan

businesstimes2022-07-04

SINGAPORE is not expected to see a recession nor “stagflation” in 2023, Minister of State for Trade and Industry Alvin Tan told Parliament on Monday (Jul 4).Noting that economic activity has been ...

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Comments

watever
2022-07-04
watever
Seriously?
dzgunners95
2022-07-04
dzgunners95
Ha
Looyusooi
2022-07-04
Looyusooi
Ok
frosty
2022-07-04
frosty
That means a recession IS coming.

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","collect":0,"end_time":0,"defaultTopTitle":"businesstimes.com.sg","property":[],"viewcount":null,"language":"en","relate_stocks":{"STI.SI":"富时新加坡海峡指数"},"translate_title":"新加坡在2023年既不会出现衰退也不会出现滞胀","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"STI.SI":0.9},"content_text":"SINGAPORE is not expected to see a recession nor “stagflation” in 2023, Minister of State for Trade and Industry Alvin Tan told Parliament on Monday (Jul 4).Noting that economic activity has been resilient so far, he added: “For the rest of the year, the recovery in international travel and domestic demand with the lifting of Covid-19 restrictions will help to mitigate some of the weaker external demand.”That’s even as he highlighted “a significant rise in inflation” here in 2022, amid supply disruptions from the Russian war in Ukraine and the Covid-19 situation in economies like China.Tan was replying to a slate of questions on the outlook for Singapore’s economic performance, in the face of challenges such as global and domestic inflation, and a rise in interest rates worldwide.People’s Action Party MP Desmond Choo (Tampines GRC) had asked about the impact of inflation on consumer demand and business sentiment here, while Cheng Li Hui (Tampines GRC) and Shawn Huang (Jurong GRC) asked whether Singapore could experience a recession or stagflation – that is, economic stagnation and high inflation – in the next few years.Pointing to the recent expansion in non-oil domestic exports, industrial production, and retail and food and beverage sales, Tan reiterated that growth is likely to come in at the lower half of the official forecast range of 3.0 per cent to 5.0 per cent in 2022, and “to moderate further next year”.“Inflation is likely to pick up further in the coming months but should start to moderate towards the end of the year if external inflationary pressures recede,” he also said.Tan told the House that “at this stage, we do not see or do not expect a recession or stagflation in 2023”, but warned that “risks in the global economy remain significant”, with a global economic slowdown and “strong external inflationary pressures” posing major headwinds.Besides potential escalations in the Russia-Ukraine war and Covid-19 pandemic, other threats to the economy include a shake-up of financial market stability “if monetary policy tightening in advanced economies is faster than expected”, he said.Tan noted that central banks worldwide have already raised interest rates to tackle climbing inflation – a trend that has pushed up Singapore’s domestic inter-bank interest rates as well.He said the scope of the domestic increase has been moderated by a stronger Singapore dollar, but added: “As global interest rates could increase further, businesses and households should bear in mind the rising cost of borrowing when making borrowing 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