SINGAPORE — The current climate of persistent inflation and dampened economic growth looks set to continue in 2023, and young professionals in Singapore unused to such scenarios will have to take steps to safeguard their future, experts say.
TODAY spoke to economists and financial experts about how global and domestic developments will affect youths’ spending power.
Meanwhile, Standard Chartered in its Economic Outlook 2023 report forecast global growth this year to come in at 2.5 per cent, also lower than the 3.4 per cent it expected in 2022. Separately, the Monetary Authority of Singapore’s latest quarterly survey published in mid-December saw private sector economistsfor the Republic's GDP to 1.8 per cent, down from their previous forecast of 2.8 per cent in September.
On the other hand, DBS’ team of economists said that the “existing manpower crunch would put a lid on the near-term prospects” of the services cluster, notwithstanding its recent strong performance. Standard Chartered, in forecasting headline and core inflation in 2023 at 5.0 per cent and 4.4 per cent respectively, added that “our forecasts would be lower" if not for the hike.
“They will have to learn to adjust their lifestyles and spending in the face of a more volatile and uncertain environment,” he added. This underlines the need for the younger generation to build a safety net for themselves in preparation for the uncertainties ahead, said financial experts. Ms Dawn Cher, author of financial blog SG Budget Babe, said that inflation would erode the value of one’s cash, hence “saving money and keeping it in our bank account will no longer work”.
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