Trade-reliant Singapore economy has weakened

Economic slowdown: People buying vegetables at the Chinatown Food Complex and Market in Singapore. The city-state’s core inflation gauge accelerated in April to its fastest in more than a decade. — AFP

SINGAPORE: Singapore sees its economy expanding at the lower end of its expected range this year as the war in Ukraine and sustained supply chain disruptions due to Covid-19 weigh on the outlook for the trade-reliant city-state.

While reiterating its earlier 3% to 5% growth expectations for 2022, the Ministry of Trade and Industry (MTI) said that “the external demand outlook for the Singapore economy has weakened compared to three months ago.”