- Joined
- May 13, 2015
- Messages
- 1,998
- Points
- 48
Singapore narrowed its growth forecast for 2015 after the economy shrank last quarter amid a manufacturing contraction.
Gross domestic product fell an annualized 4 percent in the three months through June from the previous quarter, when it grew a revised 4.1 percent, the trade ministry said in a statement Tuesday. That compares with an initial estimate of a 4.6 percent drop, which was also the median forecast in a Bloomberg News survey.
Singapore’s export-dependent economy has been hurt by slowing growth in China, while uneven recoveries in the U.S. and Europe have damped overseas demand for Asian goods. Further volatility in China’s stock market could undermine Chinese spending while financial conditions could tighten more than expected in the region as the U.S. begins to raise interest rates, Monetary Authority of Singapore Managing Director Ravi Menon said last month.
“Growth in the region could remain softer for a longer period of time,” said Vishnu Varathan, an economist from Mizuho Bank Ltd. “China is struggling to hit 7 percent growth, and the financial-market volatility in particular subtracts from confidence and dents investment in the region.”
The GDP forecast was narrowed to 2 percent to 2.5 percent, from 2 percent to 4 percent previously. For Related News and Information: Singapore 2.0: Lee Seeks Smart City Revamp as Old Model Ebbs
http://www.bloomberg.com/news/artic...dp-forecast-after-economy-shrank-last-quarter
Gross domestic product fell an annualized 4 percent in the three months through June from the previous quarter, when it grew a revised 4.1 percent, the trade ministry said in a statement Tuesday. That compares with an initial estimate of a 4.6 percent drop, which was also the median forecast in a Bloomberg News survey.
Singapore’s export-dependent economy has been hurt by slowing growth in China, while uneven recoveries in the U.S. and Europe have damped overseas demand for Asian goods. Further volatility in China’s stock market could undermine Chinese spending while financial conditions could tighten more than expected in the region as the U.S. begins to raise interest rates, Monetary Authority of Singapore Managing Director Ravi Menon said last month.
“Growth in the region could remain softer for a longer period of time,” said Vishnu Varathan, an economist from Mizuho Bank Ltd. “China is struggling to hit 7 percent growth, and the financial-market volatility in particular subtracts from confidence and dents investment in the region.”
The GDP forecast was narrowed to 2 percent to 2.5 percent, from 2 percent to 4 percent previously. For Related News and Information: Singapore 2.0: Lee Seeks Smart City Revamp as Old Model Ebbs
http://www.bloomberg.com/news/artic...dp-forecast-after-economy-shrank-last-quarter
