Singapore's economy forecast to grow by 3.8% this year

A recent survey conducted by the Monetary Authority of Singapore (MAS) showed that economists remain confident that the country's economy will grow by 3.8% this year.

The figure is unchanged from the previous survey done a quarter ago. The MAS survey, which involved 23 Singapore economic forecasters who responded to the poll in late May, also showed that higher GDP forecast for Q2 at 3.3%.

The previous survey pegged the second quarter growth at 3%. The economists also trimmed their 2014 inflation projections to 2.2% from 2.8% a quarter ago.

The latest inflation forecast of 2.2%, however, falls within the Singapore government's forecast range of 1.5% to 2.5%, the country's central bank said.