(Bloomberg) -- The biggest economic uncertainty Singapore faces is something it can’t control — global demand for its goods and services — and in that case, additional government stimulus may not be the best remedy, according to the city-state’s trade minister.
“The greatest uncertainty and the downside risks at this point in time is the global external demand, and I don’t think fiscal measures alone will be the most appropriate for this kind of challenge,” Trade and Industry Minister Chan Chun Sing said Wednesday in an interview with Bloomberg TV’s Haslinda Amin.
Chan’s comments come as the city-state’s economy plunged into recession in the second quarter amid “circuit-breaker” restrictions to control the spread of the coronavirus. Gross domestic product declined an annualised 41.2% from the previous three months, the biggest quarterly contraction on record, data Tuesday showed. The contraction in demand caused by the circuit breaker was within expectations and “within our control,” according to Chan, though external demand is more uncertain.
https://sg.finance.yahoo.com/news/singap...44923.html
“The greatest uncertainty and the downside risks at this point in time is the global external demand, and I don’t think fiscal measures alone will be the most appropriate for this kind of challenge,” Trade and Industry Minister Chan Chun Sing said Wednesday in an interview with Bloomberg TV’s Haslinda Amin.
Chan’s comments come as the city-state’s economy plunged into recession in the second quarter amid “circuit-breaker” restrictions to control the spread of the coronavirus. Gross domestic product declined an annualised 41.2% from the previous three months, the biggest quarterly contraction on record, data Tuesday showed. The contraction in demand caused by the circuit breaker was within expectations and “within our control,” according to Chan, though external demand is more uncertain.
https://sg.finance.yahoo.com/news/singap...44923.html
