Singapore’s Prime Minister, Lee Hsien Long, announced on Sunday his forecast that Singapore would record 2023 as a slowdown in economic growth, but would “avoid a downturn.”
Singapore’s economy last year recorded 2022 3.6 percent rise, far from the 8.9 percent recorded in 2021.
Singapore’s monetary authority’s growth forecast for this year is between 0.5% and 2.5%.
He noted the risk of recession in the West, where interest rates were constantly raised to reduce inflation.
The Prime Minister stated that Singapore must adapt to the economic turmoil associated with emerging and technological industries.
Singapore also has one of the world’s most active ports because it connects Asia with the rest of the world.
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