Economists downgrade Singapore's manufacturing outlook, keep 2024 growth forecast at 2.4%

Economists expect Singapore's manufacturing sector to perform worse than previously estimated, even as full-year growth was kept at 2.4%. That's according to a quarterly survey conducted by the Monetary Authority of Singapore of 26 analysts. The finance and insurance sector is expected to be the main driver of growth for this year, given higher fees and commissions earned. Meanwhile, inflation is expected to drop further to 2.8% for the full year. Along with core inflation coming in at 3%, it means the central bank isn't likely to ease monetary policy any time soon. Nadirah Zaidi reports.