Singapore Trims 2022 Growth Forecast on Strong Global Headwinds

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“Notwithstanding recent signs of a slight easing in global supply disruptions, the disruptions are likely to persist for the rest of the year as underlying factors such as the Russia-Ukraine conflict and China’s zero-Covid policy remain,” it added.

Growth in the United States is expected to slow further in the second half of the year, and “the persistent disruption in natural gas supplies from Russia could also trigger a sharp slowdown in the Eurozone economy”, it warned.

Selena Ling, chief economist at OCBC Bank, said the strong recovery in the aviation and tourism sectors after Singapore lifted coronavirus restrictions should help cushion the effects of slowing global demand.

Source: Agence France-Presse