SINGAPORE, Sept 6 Reuters Economists have downgraded Singapore39;s 2023 growth forecasts and inflation expectations, according to a survey by the country39;s central bank published on Wednesday, with spillovers from an external growth slowdown cited as the top risk.

The median forecast of 22 economists surveyed by the Monetary Authority of Singapore MAS is for Singapore39;s economy to grow 1.0 this year, down from a forecast of 1.4 in June39;s survey.

Gross domestic product is projected to expand by 2.5 in 2024.

The median inflation forecast is for headline consumer prices to rise 4.7 this year, down from 5.0 predicted in June. The median forecast for MAS core inflation, which excludes private road transport and accommodation costs, is 4.1, unchanged from the previous survey.

Both headline inflation and MAS core inflation are expected to ease in 2024, to 3.1 and 2.8 respectively.

The survey was conducted in midAugust, just days after the government slightly cut its economic outlook for 2023 after the country narrowly averted a recession in the second quarter, with weak global demand a key drag on its economy.

About 69 of survey respondents cited the impact of a slowdown in external growth as the downside risk to the domestic outlook.

Tighter global financial conditions and rising geopolitical tensions were cited by survey respondents as the main factors that could potentially weigh on financial market and lending conditions in Singapore.

None of the economists is…