Photo of MAS from Reuters Edgar Su

According to the latest quarterly-held survey of economists by the Monetary Authority of Singapore (MAS), the Singapore dollar will weaken and the economy is expected to worsen in 2017. 22 economists, selected by the MAS, polled that GDP growth for 2016 will likely be 1.4% instead of the previous estimate of 1.8%.

The survey revealed expectations that the Singapore dollar to continue weakening with forecasts of S$1.43 versus the U.S. dollar at end-2016, and S$1.465 at the end of 2017. The surveyed economists also said they are bearish on the finance and insurance sector and that they expected the sector to grow only 0.5%.

For non-oil domestic export, they expect a decline of 4.4%. Inflation forecast-wise, the economists expected it to rise 1.3% for 2017.