ADB cut 2016 growth estimate for Singapore

The forecast was lowered to 1.8% from previously 2%.

Manila-based lender Asian Development Bank (ADB) now expects Singapore to only grow by 1.8% in 2016 compared to its previous forecast of 2% published last March.

Its 2017 growth forecast was also cut to 2% from previously 2.2%.

Along with other Asian countries, ADB notes that a squeeze on consumption is evident in Singapore as concerns linger over sluggish global demand and softer labor conditions.

The multilatteral lender retained its growth forecast for developing Asia for this year and next at 5.7% on sustained expansion in China and India. ADB however warned of risks coming from a looming US interest rate hike.

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