Singapore narrows GDP forecast after 2Q shrinkage

Slowing momentum: A cyclist rides across Cavenagh bridge near the financial business district of Raffles Place in Singapore. The country’s officials are bracing for further volatility in the global economy. — AFP

SINGAPORE: Singapore trimmed its 2022 growth forecast to reflect an increasingly challenging global environment, after the economy slipped into contraction in the second quarter.

Final data for the June quarter showed gross domestic product shrank 0.2% from the previous three months, and worse than the zero growth estimated by the Trade and Industry Ministry (MTI) earlier.