SINGAPORE: The growth forecast for Singapore’s economy in 2016 has been narrowed to between 1 and 2 per cent, down from the initial range of between 1 and 3 per cent, the Ministry of Trade and Industry (MTI) said on Thursday (Aug 11).
The move to lower the upper limit of the 2016 GDP forecast took into account a slightly weakened global economy on the back of Britain's vote to exit the EU in June, which has "dampened and also added uncertainties" to global growth outlook, said Mr Loh Khum Yean, Permanent Secretary of MTI, at a media briefing.