Singapore growth forecast cut ahead of historic elections

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Lee_Hsien_Loong
Singapore Prime Minister Lee Hsien Loong

Economists are less upbeat about the growth outlook for the Singapore economy this year and have moderated their growth expectations for several sectors, according to a quarterly survey released by the Monetary Authority of Singapore (MAS) on September 2.

The economists polled in the survey said they expect Singapore’s economy to grow by 2.2 per cent this year, down from their median forecast of 2.7 per cent in the previous survey in June. Looking ahead, the economists said they expect GDP to expand by 2.8 per cent in 2016. Headline inflation and MAS core inflation are forecast to be 1.1 per cent and 1.3 per cent, respectively.

The weaker forecast came ahead of the city state’s historic elections to be held on September 11 when Singapore Prime Minister Lee Hsien Loong’s ruling People’s Action Party (PAP) will face a fight from opposition candidates in all 89 parliamentary seats for the first time since independence 50 years ago, nominations show.

“The PAP will fight to win every vote. Your future is at stake. Our future is at stake. And the PAP carries a heavy responsibility for this future,” said Lee, 63.

The PAP, co-founded by the Prime Minister’s father, the late Lee Kuan Yew, has ruled Singapore since six years before independence in 1965.

The party is trying to improve its performance from 2011 when its share of vote fell due to unhappiness over then high housing prices, the cost of living and immigration. Since then, the government has introduced curbs on foreign workers, measures to cool a red-hot property market and subsidised healthcare cover for the elderly.

“This is about your future, vote seriously for the PAP to make sure that we can work together with you, for you, for Singapore,” Lee said to waving party supporters in central Singapore after filing his nomination papers.

The candidates for the 16 group representation constituencies – comprising four to six seats each – and 13 single-member constituencies were confirmed at the close of nominations, state-owned Channel NewsAsia reported.

 

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Reading Time: 2 minutes

Singapore Prime Minister Lee Hsien Loong

Economists are less upbeat about the growth outlook for the Singapore economy this year and have moderated their growth expectations for several sectors, according to a quarterly survey released by the Monetary Authority of Singapore (MAS) on September 2.

Reading Time: 2 minutes

Lee_Hsien_Loong
Singapore Prime Minister Lee Hsien Loong

Economists are less upbeat about the growth outlook for the Singapore economy this year and have moderated their growth expectations for several sectors, according to a quarterly survey released by the Monetary Authority of Singapore (MAS) on September 2.

The economists polled in the survey said they expect Singapore’s economy to grow by 2.2 per cent this year, down from their median forecast of 2.7 per cent in the previous survey in June. Looking ahead, the economists said they expect GDP to expand by 2.8 per cent in 2016. Headline inflation and MAS core inflation are forecast to be 1.1 per cent and 1.3 per cent, respectively.

The weaker forecast came ahead of the city state’s historic elections to be held on September 11 when Singapore Prime Minister Lee Hsien Loong’s ruling People’s Action Party (PAP) will face a fight from opposition candidates in all 89 parliamentary seats for the first time since independence 50 years ago, nominations show.

“The PAP will fight to win every vote. Your future is at stake. Our future is at stake. And the PAP carries a heavy responsibility for this future,” said Lee, 63.

The PAP, co-founded by the Prime Minister’s father, the late Lee Kuan Yew, has ruled Singapore since six years before independence in 1965.

The party is trying to improve its performance from 2011 when its share of vote fell due to unhappiness over then high housing prices, the cost of living and immigration. Since then, the government has introduced curbs on foreign workers, measures to cool a red-hot property market and subsidised healthcare cover for the elderly.

“This is about your future, vote seriously for the PAP to make sure that we can work together with you, for you, for Singapore,” Lee said to waving party supporters in central Singapore after filing his nomination papers.

The candidates for the 16 group representation constituencies – comprising four to six seats each – and 13 single-member constituencies were confirmed at the close of nominations, state-owned Channel NewsAsia reported.

 

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