Private sector economists and analysts have raised their forecast for Singapore's economic growth to 3.2%. This is an increase from an earlier prediction of 3% in December last year, according to the latest survey of professional forecasters by the Monetary Authority of Singapore (MAS).
MAS sent out the survey in February to a total of 29 economists and analysts and received responses from 24 of them.
According to 47% of the respondents, expectations for stronger growth in the electronics sector is the main potential upside for Singapore's economy. Also, there is a increasing optimism on the property markert, with a noticeable increast in the percentage oof respondents citing it, from 27% in the previous survey compared to 41% now.
Since the last survey in December, economists are also more optimistic about the finance and insurance, wholesale and retail trade, and accommodation and food services sectors
On the other hand, the private-sectors experts cite Trade Protectionism and the slow down in the Chinese Economy as the 2 biggest potential risk to the Singapore economy.
"The possibility of a global trade war scenario presents significant concerns for a large proportion, or 88 per cent, of respondents. This is more than double that in the December survey," said MAS. "The threat of a slowdown in the Chinese economy is comparatively more subdued, at 53 per cent of responses, down from 67 per cent previously."