SINGAPORE, May 24 (Xinhua) -- Singapore's Ministry of Trade and Industry (MTI) announced on Thursday that the country's gross domestic product (GDP) forecast for the whole year of 2018 was ranged from 2.5 to 3.5 percent, compared to the 1.5 to 3.5 percent announced previously.

The ministry said global economy has remained on a steady expansionary path since the start of the year, with full-year growth expected to improve slightly as compared to 2017.

Meanwhile, the pace of growth in the Singapore economy was expected to remain firm in 2018, with growth supported primarily by outward-oriented sectors, it added.

Therefore, the MTI now expects the growth to come in at 2.5-3.5 percent, barring the full materialization of downside risks.

These risks include the recent protectionist actions and tariff measures by the United States that have increased the risk of an escalation of global trade tensions; and the backdrop of rising global interest rates and generally tightening financial conditions, which could increase financial vulnerabilities in emerging market economies.

Also according to the MTI, Singapore's economy grew 4.4 percent year on year in the first quarter of 2018, compared to the 3.6 percent growth in the previous quarter. On a quarter-on-quarter seasonally-adjusted annualized basis, the economy rose 1.7 percent, as against the 2.1 percent growth in the fourth quarter of 2017.