Merlion statue in Singapore, the landmark of the country. (Image via SME Magazine)

Singapore’s Economy Got Worse; A Warning for Global World Trade

Toska Dhia Andana
Politics & Economic
Economic
Jul 13, 2019
1637
It is just revealed today that Singapore’s economy performance is bad in the second quarter 2019. The data was released today, and it turns out Singapore’s economy is declining, compared to the previous three months this year. The Ministry of Trade and Industry stated in an email that the GPD has shrunk 3.4% in April – June. Meanwhile, for January – March, there was a 1.1% growth in Singapore’s GDP. However, the January – March growth was actually the slowest GDP growth since 10 years ago, 2009.

The Singapore’s authorities, however, have stated that they will review the country’s 2019 full-year GDP growth, which is 1.5% - 2.5%. Moreover, some analysts think there might be a recession in 2020. The head treasury and strategy at OCBC Bank thinks that the numbers are quite disastrous. In addition, she thinks the main drag remains manufacturing. Ling also revealed she expects the authorities to soon lower full-year growth forecasts to 0.5% - 1.5%.

After the news of GDP, the Singapore has weakened from $1.3570 to $1.3585. The head of Asia-Pacific economics at Scotiabank Tuuli McCully revealed that she thinks it’s happening due to global semiconductor sector which reflected in Singapore. The global semiconductor affected Singapore more than any other country in the region.

Source: https://www.cnbc.com/2019/07/12/singapore-gdp-gross-domestic-product-data-for-second-quarter.html

Singapore , Economy , GDP , GlobalWorldTrade