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SINGAPORE — Export-dependent Singapore is expected to be hurt the most among major South-east Asian economies, as fears of more trade tariffs between the United States and China set in. This is based on a report released on Tuesday (June 4) by the Institute of Chartered Accountants in England and Wales (ICAEW) and financial forecasting firm Oxford Economics.
Singapore’s economy is projected to slide from the 3.1 per cent growth last year to 1.9 per cent this year, before recovering slightly to 2.2 per cent in 2020.
It is the sharpest predicted slump out of six South-east Asian nations tracked by the institute, which includes Indonesia, Malaysia, the Philippines, Thailand and Vietnam.
Singapore’s projected performance this year falls below the 4.8 per cent growth forecast for the year across the region.
ICAEW’s 2019 forecast for Singapore comes within the Ministry of Trade and Industry’s prediction of 1.5 to 2.5 per cent gross domestic product (GDP) growth announced last month.
ICAEW’s regional director Mark Billington said: “With its links to China and dependence on exports, we expect Singapore to experience the sharpest slowdown in GDP growth across the region, with its economy likely to dip into recession in 2020 should external conditions further deteriorate.”
Singapore’s economy is projected to slide from the 3.1 per cent growth last year to 1.9 per cent this year, before recovering slightly to 2.2 per cent in 2020.
It is the sharpest predicted slump out of six South-east Asian nations tracked by the institute, which includes Indonesia, Malaysia, the Philippines, Thailand and Vietnam.
Singapore’s projected performance this year falls below the 4.8 per cent growth forecast for the year across the region.
ICAEW’s 2019 forecast for Singapore comes within the Ministry of Trade and Industry’s prediction of 1.5 to 2.5 per cent gross domestic product (GDP) growth announced last month.
ICAEW’s regional director Mark Billington said: “With its links to China and dependence on exports, we expect Singapore to experience the sharpest slowdown in GDP growth across the region, with its economy likely to dip into recession in 2020 should external conditions further deteriorate.”
