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Singapore’s economic growth likely to be weaker this year

The Singapore economy is likely to end the year weaker than earlier expected in the context that the ongoing tension between the US and China has stalled three of the world’s growth engines — trade, manufacturing and investments, warned Monetary Authority of Singapore (MAS) Managing Director Ravi Menon on June 27.
Singapore’s economic growth likely to be weaker this year ảnh 1Illustrative image (Photo: nikkei.com)

Singapore (VNA) – The Singapore economy is likely to end the year weaker thanearlier expected in the context that the ongoing tension between the US andChina has stalled three of the world’s growth engines — trade, manufacturingand investments, warned Monetary Authority of Singapore (MAS) Managing DirectorRavi Menon on June 27.

He also said that the SingaporeanMinistry of Trade and Industry and the MAS are reviewing the 1.5 to 2.5 percentGDP growth forecast for this year, which was just slashed last month. 

The present forecast hinges on the economy stabilising in the third quarter ofthe year and a modest pick-up thereafter, he added.

Menon noted that global manufacturing is in a“synchronised downturn”, global trade volumes have declined for two straightquarters and global investments have suffered from weakening businessconfidence.

Nevertheless, he stressedthat the global economy is "not headed for a crash", as it issupported by healthy private consumption in Asia and other major economies anda resilient services sector worldwide. 

Last year, he said, Singapore’s economicgrowth was driven by trade and modern services.-VNA
VNA
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