DBS sees Singapore full-year GDP growth at 2.8% if global economy continues to improve

SINGAPORE (May 25): DBS senior economist Irvin Seah continues to see full-year GDP growth at 2.8% on the premise that global economic conditions continue to improve.

Though there are signs that China consumers demand may wane in the coming quarters, Seah is pinning his hope on stronger capex spending in the US to pick up the slack.

“However, the main worry is that the turnaround thus far has been uneven and restricted to just a few externally driven clusters,” says Seah, “The rest of the economy has yet to feel the uplift and the labour market has also remained soft. Plainly, there are structural challenges weighing down on the domestic sectors and the doldrums is unlikely to dissipate in the near term.”

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