Singapore’s GDP growth gains traction

Singapore’s GDP growth gains tractionSingapore’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.



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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 GDP growth gains tractionSingapore’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.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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