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U.S. flags in front of a building in Wall Street, New York. (Image via Yahoo)
Global Slowdown Affects U.S. Economy
The global trade has been slowing down ever since the trade war between U.S. and China. Many countries’ economy is affected by it, and U.S. turns out to be one of them. U.S. Trade Department reported that the economy growth on the second quarter 2019 is slowing down, as the GDP growth is only 2,1%. The growth number is the lowest since the first quarter 2017 when Donald Trump was officially elected as the U.S. president.Trump announced trade war with China back in May this year. The announcement got raised eyebrows due to the fact that U.S. biggest trading partners are China, Japan, and European Union. By having trade war with one of the biggest trading partners, it was predicted the economy will be affected by it. The prediction turns out to be true, as it is reported the inflation for this year is quite weak.
As the global slowdown might affect other countries as well, Singapore has been preparing for the worst scenario. Singapore Finance Minister, Heng Swee Keat, gave out his opinion about the global slowdown. He said that although he hopes the global economy will get better, it is still better to prepare for the worst.
Heng Swee Keat revealed that he has been working together with Trade and Industry Minister, in order to help Singapore’s businesses and workers during the global economy slowdown, by watching the global financial market very closely. He also added that the government needs to be alert when a change is happening.
Source: https://www.cnbcindonesia.com/news/20190729094107-8-88159/ekonomi-as-melambat-the-fed-diproyeksi-turunkan-suku-bunga
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