Illustrative image (Source: Internet)

 

Singapore’s Ministry of Trade and Industry (MTI) on August 11 revised its gross domestic product (GDP) growth forecast for 2015 to 2-2.5 percent from the previous 2-4 percent.

According to the MTI, the country’s economic growth in the second quarter of 2015 stood at only 1.8 percent, a strong decrease from the 2.8 percent of the previous quarter.

Economists attributed the adjustment to Singapore’s economic restructuring. Sluggish global economic recovery has also hindered the country’s exports.

Statistics from the trade agency International Enterprise Singapore showed that the country’s non-oil exports increased by 2.1 percent in the second quarter, far lower than the rate of 4.8 percent in the first quarter.

Earlier, the Monetary Authority of Singapore also lowered its national economic growth forecast for this year to 2.7 percent from the previous 2.8 percent.-VNA