Slower S'pore growth forecast: Economists warn of 2023 technical recession risk if manufacturing worsens

Economists said that there is a higher chance of Singapore going into a technical recession

This is especially if the slump in the manufacturing industry worsens

Their warning came after the Ministry of Trade and Industry said that economic growth for Singapore will slow down in 2023

However, economists said that the risk of a full-blown recession in 2023 remains low

Consumer spending is likely to dampen, with hiring slowing down in sectors such as technology, but picking up in the services and F&B sector