# data[].attributes.headline
Importance of China's economy and how it will affect Singapore

# data[].attributes.subject
Importance of China's economy and how it will affect Singapore

# data[].attributes.body
China’s economy is very important to Singapore as in 2016 13% of Singapore’s exports is to China and that amounts to $42.8 billion. Thus if China’s economy slows down, it will affect Singapore negatively as well.

The top components of the exports to China are . Electronic equipment: $18.9 billion 2. Machinery: $4.8 billion 3. Plastics: $4.1 billion.

If China’s economy pullback, it will affect Singapore in great extent. The first reason is Singapore does not have a big domestic market to act as a moderate against China.The second reason is Singapore will have less exports from China as 13% of Singapore exports is from China.

China is not the only country Singapore should be concerned of. After China,Hong Kong is another country Singapore should be concerned of because 12.6% of Singapore exports are belong to Hong Kong. Exporting will affect the economy of Singapore. It is because net exports contribute to economic growth of the countries. Slight change in the exports will affect the GDP of the country. The other countries which Singapore should be concern of are Malaysia, European Union ,USA and Japan.

# data[].attributes.body
A low unemployment rate would firstly, improve the efficient use of equipment and resources which is beneficial to firms and the economy, secondly, make it easier for typical worker to find a job, thirdly, increase consumption as disposable income and purchasing power increase and lastly, it reduces the strain on the government and taxpayers to support a large population of unemployed people.

# data[].attributes.body
For real income growth to be sustained, firms will have to continue to transform and growth to become more productive. In a manpower-lean environment, it is important for firms to adopt progressive human capital practices. Employers will have to invest in their workers and build inclusive workplace to value them regardless of age, gender and qualification. They need to continue to raise productivity by embracing technology and innovation and share the gains from productivity with workers to motivate them. They also need to create an inclusive workplace through hiring more mid-career and mature workers, especially PMETs, and embrace flexible work and workplaces to support the hiring of women who wish to return to work. In addition, they must encourage and support worker training and skills upgrading so that they can keep abreast of the changes.Fellow workers need to continuously upgrade and up-skill themselves to be ready with the new and in-demand skills, relevant to the new jobs and job roles and resilient amidst the rapid rate of change and disruption including jobs and skills obsolescence.

# data[].attributes.body
The improvement in the economy will boost wages, businesses will start to have more orders and bosses will start to increase their hiring. After the increase in hiring, there will gradually be some tightening in the labour market. When the labour market tightens further, employers are competing to raise salaries to retain staff. However, this is not sustainable as wage growth may be more than output growth. If it grows too fast, at some point in future, it might come to a halt.

# data[].attributes.body
Economic conditions refer to the country’s state of the economy. They can change over time in line with economic and business cycles, as an economy goes through expansion and contraction. Economic conditions are positive when an economy is expanding and are negative when an economy is contracting.

Economic conditions are influenced by numerous macroeconomic and microeconomic factors such as unemployment levels, exchange rates, inflation and etc…

Economic indicators such as unemployment rate and GDP growth rate and inflation rate are used to show the state of the economy.

As seen in both articles, Singapore’s economy increases its GDP by 4.6 per cent in the third quarter of the year and the employment rate has been increasing. This shows that the economic conditions are positive.

# data[].attributes.body
According to the article, the Median Gross Monthly Income (including employer CPF contributions) see a rise across the board with lower wage workers seeing a faster rate of increase. This is due to the improvement in economic conditions and demand for higher-skilled manpower.

# data[].attributes.body
However, unemployment among non-PMETs rose from 4.2 per cent in June 2016 to 4.5 per cent in June 2017. Non-PMETs refer to workers such as security guard, waiter, cleaner and general office clerk. These workers found it harder to secure a job with continued decline in non-PMET job vacancies. Employers indicated that low

pay, long workweek and shift work made it unattractive to locals.

This occurrence would not remain the case for long as the labour market has experienced structural unemployment for the last two years and the people who are affected by the industries such as oil, gas, marine and construction which have not recover are using this opportunity to upskill themselves into new areas. Thus, in 2018, it is expected that the overall economy will shift out of its structural unemployment phase.

# data[].attributes.attachment_link.readable_text
SINGAPORE: The seasonally adjusted resident unemployment rate rose from 3 per cent in June 2016 to 3.1 per cent in June this year, according to the latest figures released by the Ministry of Manpower (MOM) on Thursday (Nov 30) in the Labour Force in Singapore Advance Release 2017 report.

However, the employment rate for residents aged 25 to 64 continued to increase, from 80.3 per cent to 80.7 per cent during the same period. For residents aged 65 and over, the employment rate increased from 25.5 per cent to 25.8 per cent.

Still, MOM expects "population ageing and the higher propensity of youths to postpone entry into the labour force to exert downward pressure on the overall employment rate in the years ahead".

There was also a difference between the unemployment rates for professionals, managers, executives and technicians (PMETs) compared to non-PMETs.

The unemployment rate for PMETs fell slightly from 3.1 per cent in June 2016 to 3 per cent in June 2017, and their long-term unemployment rate also improved from 0.9 per cent to 0.7 per cent in the same period.

MOM said this could have been due to enhancements to programmes that assist PMETs, especially those aged 40 and over, in securing employment.

However, unemployment among non-PMETs rose in 2017 from 4.2 per cent in June 2016 to 4.5 per cent in June this year.

These workers found it harder to secure a job with the continued decline in non-PMET job vacancies, MOM said.

However, Jaya Dass, country director at Ranstad Singapore, said this would not remain the case for long.

"In the last two years, what the market has experienced is actually structural unemployment. It's not an overall technical recession," said Ms Jaya.

"People who are affected by the industries which haven't seen a recovery - oil and gas, marine and construction - I think individuals in those areas are using this opportunity to upskill themselves into new areas," she added.

"So what we're expecting to see in 2018 is that the overall economy shifts out of its structural unemployment phase."

The long-term unemployment rate for non-PMETs remained unchanged at 0.7 per cent.
INCOME GROWTH UP WITH IMPROVEMENT IN ECONOMY
According to the report, the median income of full-time employed residents, including employer CPF contributions, rose faster year-on-year by 4.3 per cent in June 2017 compared to 2.7 per cent in June last year in nominal terms, and 3.7 per cent compared to 3.3 per cent in real terms.

This was due to the improvement in economic conditions and demand for higher-skilled manpower, MOM said.

Irvin Seah, senior economist at DBS, said the improvement in the economy will help boost wages going forward.

"Now when the orders start coming in and businesses start to pick up, that's when bosses will start to increase their hiring. After the increase in hiring, you will gradually see some tightening in the labour market," Mr Seah said.

That is when wages will start to rise, he added.

"So, typically, this is the kind of transitions you will see from GDP growth eventually to labour market."

Mr Seah further said that the improvement in unemployment rate figures for PMETs indicate that "the worst is over" for the labour market. He said that though there will be further improvement looking ahead, it will probably be at a "gradual pace".

Over the last five years from June 2012 to June 2017, real income at the 20th percentile grew at a sustained pace of 4.2 per cent per annum, faster than the median of 3.4 per cent per annum.

The growth was supported by Government initiatives to raise incomes of low-wage workers, MOM said. Real income growth for both groups were significantly faster than in the preceding five years, it added.

"For real income growth to be sustained, firms will have to continue to transform and grow to become more productive. In a manpower-lean environment, it is also important for firms to adopt progressive human capital practices. They will have to invest in their workers and build inclusive workplaces to value every employee regardless of age, gender and qualification," the Manpower Ministry said in a press release.

MOM said that the Government will also need to press on with efforts to help low-wage workers be better deployed, allow older workers to remain in employment longer and make more flexible work arrangements available, especially for those with caregiving responsibilities.

NTUC assistant secretary-general Patrick Tay said in a Facebook post that the rise in employment among those aged 25 and over, the decrease in unemployment for PMETs and the rise in median gross monthly income show that tripartite initiatives in the employment, employability and skills upgrading of workers are showing positive effects.

However, he said he still foresaw "structural challenges (in) the coming years" including those as a result of digital disruption, digitalisation, robotisation, mechanisation and artificial intelligence.

"Moving ahead, the tripartite partners (nationally and sectorally) need to work even more closely together as we operationalise the various industry transformation maps that are being launched to transform the 23 sectors," he said.
Additional reporting by Brandon Tanoto. Editor's note: A previous version of this story said that the unemployment rate was the highest since 2010. This is incorrect. The unemployment rate declined from March to June this year.

# data[].attributes.attachment_link.title
Unemployment rate at 3.1% as of June 2017; employment rate continues to increase

# data[].attributes.attachment_link.description
SINGAPORE: The seasonally adjusted resident unemployment rate rose from 3 per cent in June 2016 to 3.1 per cent in June this year, according to the latest figures released by the Ministry of Manpower (MOM) on Thursday (Nov 30) in the Labour Force in Singapore Advance Release 2017 report.

# data[].attributes.body
This could be due to enhancements to programmes such as P-max programme, which supports the entry of PMETs into suitable jobs in small and medium-sized enterprises (SMEs). The SkillsFuture initiative has also helped Singaporeans to stay relevant throughout their careers. It includes a special focus on mid-career Singaporeans. Education and training subsidies for all Singaporeans aged 40 and above will be enhanced to a minimum of 90% training costs for courses funded by MOE and WDA. Ministry of Manpower also facilitates learning throughout one’s career through modular courses which will help individuals balance family, career and learning. Thus, helping residents especially those aged 40 and over in securing employment.

# data[].attributes.body
The article stated that the seasonally adjusted resident unemployment rate rose from 3 per cent in June 2016 to 3.1 per cent in June this year. However, the employment rate for residents aged 25 to 64 continued to increase, from 80.3 per cent to 80.7 per cent during the same period. There is also an increase in employment rate from 25.5 per cent to 25.8 per cent for residents aged 65 and over. However, the employment for residents aged 15 to 24 declined to 34.1 per cent.

Professionals, managers, executives and technicians (PMETs) unemployment and long-term unemployment rate is seeing a positive downward trend. The unemployment rate for PMETs has fell from 3.1 per cent in June 2016 to 3 per cent in June 2017. The long-term unemployment rate has also improved from 0.9 per cent to 0.7 percent.

# data[].attributes.headline
Seasonal adjustment and long-term unemployment definition

# data[].attributes.subject
Seasonal adjustment and long-term unemployment definition

# data[].attributes.body
Seasonal adjustment is a statistical technique that attempts to measure and remove the influences of predictable seasonal patterns to reveal how employment and unemployment change from month to month. It reveals the underlying trends and cycles in the labour markets.

Whereas long-term unemployment refers to people who have been unemployed for 12 months or more. High rates of long-term unemployment indicate that the labour markets are operating inefficiently.

# data[].attributes.body
Cyclical unemployment occurs when there is a lack of jobs during a recession. Structural unemployment is caused by a mismatch of the skills of workers out of work and the skills required for existing job opportunities. Frictional unemployment is occurring when the workers with marketable skills are changing jobs by entering the labour force or re- entering the labour force. Seasonal unemployment is a type of working arrangement in which a person is employed occasionally.

# data[].attributes.body
The chosen article, “Unemployment rate at 3.1% as of June 2017; employment rate continues to increase” was published on the 30th November 2017. The article explains how Singapore’s employment rate is improving.

Unemployment occurs when a person who is diligently searching for employment is unable to find work. Unemployment is frequently used as a measure of the health of the economy. There are four types of unemployment such as Cyclical, structural, Frictional and seasonal.

# data[].attributes.headline
Singapore's inflation affected by external sources

# data[].attributes.subject
Singapore's inflation affected by external sources

# data[].attributes.body
It is caused by the cost-push inflation, whereby the cost of productions is increased. For example, the increase in the price of oil. As Singapore imports huge quantity of oil from other countries, the increase in the price of oil will greatly affect the cost of production of goods and services in Singapore.

# data[].attributes.headline
What is so important about disinflation?

# data[].attributes.subject
What is so important about disinflation?

# data[].attributes.body
Disinflation occurs when the increase in the “consumer price level” slows down from the previous period when the prices were rising. If the inflation rate is not very high to start with, disinflation can lead to deflation – decreases in the general price level of goods and services.

Disinflation, is a reduction in the rate of inflation. It is used to describe a period of slowing  inflation. However, long term disinflation trend might lead to deflation as well.

Although it is often confused with deflation, disinflation is not considered as problematic because prices do not actually drop, and disinflation does not usually signal the onset of a slowing economy.

Disinflation is viewed as normal during healthy economic times.
During this period of disinflation, stocks perform well,  interest rate decreases which lead to bonds generating above-average returns.
As a result, promoting economic growth.

# data[].attributes.headline
Why is core inflation more important than headline in Singapore's context? 

# data[].attributes.subject
Why is core inflation more important than headline in Singapore's context? 

# data[].attributes.body
It is important to measure core inflation because it reflects the relationship between the cost of goods and services and their income level. If cost of goods and services increases over time but their income level remains unchanged, they will have lesser purchasing power since their value of dollar decreases in comparison to the value of basic goods and services.

# data[].attributes.body
Hello Team,

Feedback on article:
Please choose one more article in addition to the one below.
GDP, Economic growth rate, recovery are all talking about ONE concept, while inflation is the second one. So your team is lacking one more concept. Perhaps an article on employment/unemployment? :)

Feedback on prelim analysis:
I see a bit of prelim analysis under "Recovery", "2018 Economic growth". The rest are more of definitions. Don't need to focus too much on definitions. :)

You have extracted a few good points from the article. Some suggestions for you to explore here in padlet (if time permits) and/or in your report:
GDP
Continuing the point about China, how important on Singapore's GDP? Which expenditure component of GDP do we see China's impact? What is happening to China's economy to cause the likely pullback in 2018? Is China the only country that Singapore should be concerned with?

Take note: One point about concluding recession. This is only the case if there is two consecutive quarters of economic growth.

INFLATION
"Core inflation - a major policy consideration for the MAS (Singapore's Central Bank)" Why is core inflation more important than headline in Singapore's context?

Why is Singapore concerned about disinflation? (Hint: when prices are falling, is this always a good sign?)

"External sources of inflation are expected to be relatively benign" - How is Singapore's inflation affected by external sources?
Is this falling demand-pull or cost push inflation that we are talking about?

Last comment:
When you are done with selecting one more article and prelim analysis on that article, please alert me for a quick look, and then proceed to print out and submit the hardcopy by 1st Dec. :)
After that, please kick start report writing.

# data[].attributes.body
In 2018, the Singapore economy will remain same but it will increase slightly due pullback in China’s economic growth. As China is growing very fast, there may be possibility that China will experience some setback on the growth. If this happens, it will affect Singapore's economy greatly.

# data[].attributes.body
This is because

-The global electronics sector has been performing strongly and similarly IT related sector have been performing well since the start of the year, and other industries are also slowly picking up the growth.

-In all, financial services, retail, and information and communications have improved over the 2nd and 3rd quarters, ->broadening of economic recovery across multiple sectors.

-MAS noted that this convergence in sectoral performance is likely to continue, resulting in a “smaller degree of growth dispersion across sectors” in 2018, adding on “Sectoral outcomes have been relatively uneven in 2017 as a whole, with strong performers in the IT-related industries helping to shore up weakness in construction and oil-related activities. This divergence is expected to narrow going forward.”

In addition, other average-performing industries are expected to fare better in the upcoming quarters even as growth stay modest.

-Lastly, the construction sector, which has been the most underperforming sector for the past few quarters, could possibly see a turnaround in 2018.

# data[].attributes.body
However, “Over the past two quarters, MAS noted that recovery in the domestic economy has picked up in both pace and breadth.

GDP grew an average of 4.4 per cent on a quarter-on-quarter seasonally adjusted basis in the second and third quarters – a turnaround from the contraction over the first three months of 2017.”

# data[].attributes.headline
Methods to calculate quarterly growth rates

# data[].attributes.subject
Methods to calculate quarterly growth rates

# data[].attributes.body
1. measure the change in Real GDP compared with the corresponding quarter in the previous year. This is called year-on-year (y-o-y) economic growth rate. (for e.g. comparing quarter 4 of 2014 with quarter 4 of 2013)
2. Measure the change in Real GDP with the previous quarter in the same year. This is called quarter-on-quarter economic growth rate. (for e.g. comparing quarter 4 of 2014 with quarter 3 of 2014)

*Singapore uses y-o-y comparison because of its implicit seasonal adjustment

# data[].attributes.body
Peak: Real GDP is at highest level relative to recent years after rising during a recovery and the economy is closer to full employment. Business' profits and utilized production capacity are at the highest level relative to recent years.

Recession: Real GDP declines and unemployment rate rises. Business' profits fall and production capacity is under utilized as producers are producing at a lower output. There is a deflationary pressure as the price level decreases due to lower income for people and hence, a lower demand for goods and services.

Trough: Real GDP is at its minimum after falling during a recession and unemployment rate is the highest. Business losses and idle productivity capacity are at the highest level relative to recent years.

Recovery: Real GDP increases and unemployment rate falls. Business' profits improve and production capacity is more utilized. There will be inflationary pressure as price level increases.

# data[].attributes.body
refers to alternating periods of economic growth and decline which can be measured by changes in real GDP

# data[].attributes.body
Positive value means that there is economic growth as more goods and services are produced in the economy

Negative value means that there is a recession.

value around zero means that there is economic stagnation.

# data[].attributes.body
Real GDP(current)-Real GDP(previous)/Real GDP(previous) X100

# data[].attributes.body
is the percentage change in monetary value of real GDP of the current year over the previous year.

# data[].attributes.body
Nominal GDP: is calculated using current prices. Higher nominal GDP may not mean that there are more goods and services produced.
Real GDP: is calculated using constant dollars. Real GDP enables us to compare GDP between different years. Prices are held constant using the prices of base year. Thus, removing any changes in prices. A higher GDP means that more goods and services are produced.

# data[].attributes.body
GDP can be calculated using the output approach, expenditure approach (C+I+G+X-M) and income approach.

# data[].attributes.body
GDP is the total value of the final goods and services produced within the borders of the country during a given time period.

# data[].attributes.body
Nominal income vs Real income

-Nominal income refers to the actual number of dollars received over a period of time (Such as wages)

-Real income refers to the purchasing power of your nominal income

-If the CPI increases and your nominal income remains unchanged, your real income decreases

# data[].attributes.body
-Core inflation is projected to come in at about 1.5 per cent in 2017, and average 1 to 2 per cent next year
-Singapore’s headline inflation is expected to be about 0.5 per cent in 2017 and remain within the range of 0 to 1 per cent in 2018

# data[].attributes.body
-Demand-pull inflation,

The increase in consumer demand for goods and services is the primary reason that drives demand-pull inflation,

-Cost-push inflation

The increase in the cost of production is the primary reason that drives cost-push inflation

# data[].attributes.body
Headline inflation and Core inflation

Headline inflation refers to the overall CPI basket-calculated inflation

Core inflation excludes the cost of private road transport and accommodation from the overall CPI basket so as to reflect the impact on the average person

Value of dollar is determined by its purchasing power, which is the real, tangible goods and intangible services that the dollar can buy

Purchasing power does not stay constant due to inflation

# data[].attributes.body
Consumer Price Index (CPI)

CPI measures the price changes in a fixed basket of consumption goods and services commonly purchased by the resident household over time.

Commonly used as a measure of consumer price inflation
Fixed basket is divided into categories such as food, clothing & footwear, housing, etc.

# data[].attributes.body
Inflation is a sustained and continuous increase in the general (average) level of prices of goods and services in the economy.

When inflation is present, a dollar today can buy less than a dollar could in the past.

Sustained and continuous means that prices are increasing steadily over a period of time.

# data[].attributes.body
“Over the past two quarters, MAS noted that recovery in the domestic economy has picked up in both pace and breadth.

Gross domestic product (GDP) grew an average of 4.4 per cent on a quarter-on-quarter seasonally adjusted basis in the second and third quarters – a turnaround from the contraction over the first three months of 2017.”

# data[].attributes.body
A recovery or an economic recovery is a period in the business cycle of increasing business activity signalling the end of a recession. When an economy hits rock bottom in a period of contraction of recession, a through is reached. Following that, the economy will recover and expand together in the same phase. Key identifiers of economic recovery are GDP growth, stock market gains, decreasing unemployment, and greater consumer confidence.

# data[].attributes.attachment_link.readable_text
2 related media assets (image or videos) available. Click to see the gallery.

(Updated: )

Share this content

Share on Facebook

Share on Twitter

Share via E-Mail

SINGAPORE: The Republic's economic growth is expected to remain firm in 2018 though expansion could moderate slightly from this year, the Monetary Authority of Singapore (MAS) said in its latest macroeconomic review released on Friday (Oct 27).

The central bank expects Singapore's gross domestic product (GDP) to come in at the upper half of the 2 to 3 per cent forecast range this year. For 2018, the economy is likely to expand at a steady, but slightly reduced pace, amid steady global growth and a broadening recovery across domestic industries.
ECONOMIC RECOVERY GAINS TRACTION: MAS

In the biannual report, which contains the central bank's analysis of Singapore's economic performance and outlook, MAS also said it expects current uneven sectoral growth to "dissipate in 2018".

Over the past two quarters, MAS noted that recovery in the domestic economy has picked up in both pace and breadth.

Gross domestic product (GDP) grew an average of 4.4 per cent on a quarter-on-quarter seasonally adjusted basis in the second and third quarters - a turnaround from the contraction over the first three months of 2017.

This was largely underpinned by trade-related sectors, which have been spurred by continued strength in the global electronics cycle.

While growth in the earlier quarters was largely confined to IT-related segments, most of the other industries have begun to show signs of pick-up, MAS said.

Within the modern services and domestic-oriented clusters, industry segments such as financial services, retail as well as information and communications, have improved over the last six months, signalling a broadening of economic recovery.

The central bank noted that this convergence in sectoral performance is likely to continue, resulting in a "smaller degree of growth dispersion across sectors" in 2018.

"Sectoral outcomes have been relatively uneven in 2017 as a whole, with strong performers in the IT-related industries helping to shore up weakness in construction and oil-related activities. This divergence is expected to narrow going forward," the report said.

For one, growth momentum in IT-related segments is expected to moderate as the maturing of the global tech cycle could result in some consolidation in the growth of manufacturing production.

However, a "broad swathe of average-performing industries" will likely fare better in the quarters ahead even as growth may remain modest, MAS said.

Industry segments, such as financial services and retail, should stand to benefit from the improvement in the overall business climate, as well as firmer regional trade and growth.

2018 GROWTH TO EASE SLIGHTLY, BUT NOTHING SINISTER: ECONOMIST

It also expects the marine and offshore engineering sector to "exert less of a drag on growth" in 2018. While structural trends, such as the rise of US shale production, will cap upsides in the oil industry, supple-demand imbalances are slowly being resolved in favour of a more neutral outlook for manufacturers in this sector, MAS said.

Meanwhile, the construction sector could see a turnaround in 2018, albeit modestly, on the back of support from the S$1.4 billion worth of public sector contracts brought forward and stream of progress payments from earlier rail-related contracts awarded in 2016.

Mr Edward Lee, regional head of research for Southeast Asia at Standard Chartered Bank, said 2017 is shaping up to be a "good year" for the Singapore economy.

He expects third-quarter GDP growth to be revised up to 5 per cent year-on-year, from the earlier estimate of 4.6 per cent. For the full year, the local economy may expand by 2.6 per cent.

However, this pace of expansion is unlikely to continue into 2018, given the expected moderation in electronics growth and the likelihood of a pullback in China's economic growth.

"Much of the export growth this year has been driven by China. We have the view of a possible pullback in 2018 because China over-boosted its growth this year given it being an important political year. We think it may focus more on deleveraging in the quarters ahead," Mr Lee told Channel NewsAsia.

He added that while the domestic economy is stabilising, certain sectors such as construction continue to flounder. However, the moderation in growth "will be nothing sinister", said Mr Lee who expects Singapore's full-year GDP growth in 2018 to be around 2.3 per cent.

For OCBC's head of treasury research and strategy Selena Ling, a 2 to 4 per cent growth range for 2018 could be plausible given the economy's 2017 GDP outcome, which should "come in around the 3 per cent handle".

Ms Ling added that "the window for a normalisation of monetary policy in April or October 2018 remains open, depending on the evolution of economic developments and their impact on growth and inflation outlook".

Earlier this month, the central bank, in line with expectations, maintained its current neutral appreciation stance for the Singapore dollar nominal effective exchange rate (S$NEER).

Core inflation - a major policy consideration for the MAS - is projected to come in at about 1.5 per cent in 2017, and average 1 to 2 per cent next year, it said.

"While the economy has emerged from the disinflationary zone of the past two years, there is as yet little evidence that underlying price pressures will accelerate in the near term," according to the report.

"External sources of inflation are expected to be relatively benign, while effective cost pressures in the domestic economy should be restrained."

Meanwhile, Singapore's headline inflation is expected to be about 0.5 per cent in 2017 and remain within the range of 0 to 1 per cent in 2018, MAS said.

# data[].attributes.attachment_link.title
Singapore's 2018 economic growth likely to 'moderate' from this year: MAS

# data[].attributes.attachment_link.description
With the economic recovery strengthening and broadening over the past two quarters, Singapore's full-year GDP is expected to come in at the upper half of the 2 to 3 per cent forecast range this year before moderating slightly in 2018, the central bank said.