Singapore’s GDP growth gains traction
Singapore’s economy posted faster growth in the second quarter of 2017 than previously estimated by the government as a recovery in global trade helped to buoy manufacturing, Bloomberg reported.
As one of Asia’s most trade-dependent countries, Singapore has benefited from a recovery in global trade since late last year, led by strong Chinese demand for electronics and other manufactured goods. The economy is likely to grow 2.5 per cent in 2017, Prime Minister Lee Hsien Loong said on August 8.
While export-led industries are expanding strongly, there are mounting risks. Consumer-focused industries such as retail remain weak in the face of job cuts and rising debt.
The city state’s Trade Ministry cited three main risks to the global economy – trade protectionist threats, faster-than-expected interest-rate increases in the U.S. and a pullback in credit demand in China – but said the potential for these to have a significant impact on growth has eased compared to three months ago.
The Monetary Authority of Singapore (MAS), the nation’s central bank, has kept its policy stance unchanged for more than a year amid subdued price pressures and weak growth. The MAS uses the exchange rate as its main tool and is scheduled to make its next policy decision in October.
Singapore’s economy posted faster growth in the second quarter of 2017 than previously estimated by the government as a recovery in global trade helped to buoy manufacturing, Bloomberg reported. As one of Asia’s most trade-dependent countries, Singapore has benefited from a recovery in global trade since late last year, led by strong Chinese demand for electronics and other manufactured goods. The economy is likely to grow 2.5 per cent in 2017, Prime Minister Lee Hsien Loong said on August 8. While export-led industries are expanding strongly, there are mounting risks. Consumer-focused industries such as retail remain weak in the face of...
Singapore’s economy posted faster growth in the second quarter of 2017 than previously estimated by the government as a recovery in global trade helped to buoy manufacturing, Bloomberg reported.
As one of Asia’s most trade-dependent countries, Singapore has benefited from a recovery in global trade since late last year, led by strong Chinese demand for electronics and other manufactured goods. The economy is likely to grow 2.5 per cent in 2017, Prime Minister Lee Hsien Loong said on August 8.
While export-led industries are expanding strongly, there are mounting risks. Consumer-focused industries such as retail remain weak in the face of job cuts and rising debt.
The city state’s Trade Ministry cited three main risks to the global economy – trade protectionist threats, faster-than-expected interest-rate increases in the U.S. and a pullback in credit demand in China – but said the potential for these to have a significant impact on growth has eased compared to three months ago.
The Monetary Authority of Singapore (MAS), the nation’s central bank, has kept its policy stance unchanged for more than a year amid subdued price pressures and weak growth. The MAS uses the exchange rate as its main tool and is scheduled to make its next policy decision in October.
