Singapore downgrades growth outlook

SINGAPORE -Singapore’s economy expanded less than initially estimated in the second quarter and the government revised its growth projections for 2022 lower, flagging risks to the global outlook from the Ukraine war and cost pressures.
Gross domestic product (GDP) grew 4.4 percent year-on-year in the second quarter, the Ministry of Trade and Industry (MTI) said, slower than the 4.8 percent growth seen in the government’s advance estimate.

“Downside risks in the global economy remain significant…further escalations in the Russia-Ukraine conflict could worsen global supply disruptions and exacerbate inflationary pressures through higher food and energy prices,” said Gab…

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