Singapore GDP growth slows sharply, recession expected for 2020

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Singapore Gdp Growth Slows Sharply, Recession Expected For 2020

Singapore is expected to experience the sharpest economic slowdown in Southeast Asia this year, with gross domestic product (GDP) growth slowing from 3.1 per cent in 2018 to 1.9 per cent. The main reason is that the city state’s export outlook deteriorated following more tariff hikes by the US and China, said the Institute of Chartered Accountants in England and Wales (ICAEW) in a report issued on June 4.

“As a small and open economy that is heavily dependent on exports, Singapore’s growth will likely be the most negatively affected,” the report noted.

“Renewed trade tensions between the US and China come at a time when export growth across the region is already facing a difficult external environment, said Mark Billington, ICAEW regional director for Greater China and Southeast Asia.

“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,” he added.

This corresponds with the forecast that economic growth in Southeast Asia is also expected to decelerate on the back of weaker Chinese import demand, a slowdown in the global information and communications technology sector and an increase in trade protectionism over the past year.

The report said regional growth is expected to slow from 5.3 per cent in 2018 to 4.8 per cent this year, before moderating to 4.7 per cent in 2020, amid slowing global trade and ongoing or even escalating US-China trade tensions.

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Singapore is expected to experience the sharpest economic slowdown in Southeast Asia this year, with gross domestic product (GDP) growth slowing from 3.1 per cent in 2018 to 1.9 per cent. The main reason is that the city state’s export outlook deteriorated following more tariff hikes by the US and China, said the Institute of Chartered Accountants in England and Wales (ICAEW) in a report issued on June 4. “As a small and open economy that is heavily dependent on exports, Singapore's growth will likely be the most negatively affected,” the report noted. “Renewed trade tensions between the US and...

Reading Time: 1 minute

Singapore Gdp Growth Slows Sharply, Recession Expected For 2020

Singapore is expected to experience the sharpest economic slowdown in Southeast Asia this year, with gross domestic product (GDP) growth slowing from 3.1 per cent in 2018 to 1.9 per cent. The main reason is that the city state’s export outlook deteriorated following more tariff hikes by the US and China, said the Institute of Chartered Accountants in England and Wales (ICAEW) in a report issued on June 4.

“As a small and open economy that is heavily dependent on exports, Singapore’s growth will likely be the most negatively affected,” the report noted.

“Renewed trade tensions between the US and China come at a time when export growth across the region is already facing a difficult external environment, said Mark Billington, ICAEW regional director for Greater China and Southeast Asia.

“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,” he added.

This corresponds with the forecast that economic growth in Southeast Asia is also expected to decelerate on the back of weaker Chinese import demand, a slowdown in the global information and communications technology sector and an increase in trade protectionism over the past year.

The report said regional growth is expected to slow from 5.3 per cent in 2018 to 4.8 per cent this year, before moderating to 4.7 per cent in 2020, amid slowing global trade and ongoing or even escalating US-China trade tensions.

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