The Singapore economy is expected to expand between 1 to 1.5% this year, compared to the earlier forecast of 1 to 2%, says the Ministry of Trade and Industry (MTI) in its latest Economic Survey of Singapore.
Next year, growth is forecast to come in at between 1 to 3% on the back of a slighter stronger global outlook.
Before the market opened on Thursday morning, MTI announced the economy contracted 2.0% in the third quarter, narrower than the projected 4.1% contraction in advance estimates.
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