SVE NEWS & CNN Sharing Series – Singapore is heading for a recession. The trade war is hurting

Hong Kong (CNN Business)Singapore could be heading for a recession after it reported a big drop in economic activity in the second quarter of the year.

The wealthy city state is being hurt by the US-China trade war and is heading for its weakest annual growth since 2009, when the economy shrunk by 0.6% during the global financial crisis.

Singapore on Tuesday slashed its forecast for GDP growth in 2019 to between 0% and 1%. Previously, it predicted the economy to grow by between 1.5% and 2.5%.

The downgrade followed very weak figures for the April-June period, when GDP shrank by 3.3% compared to the first quarter of the year.

 

The outlook has weakened in part because of how much trade tensions between the United States and China have escalated, Singapore’s Ministry of Trade and Industry said on Tuesday.

Singapore is heavily reliant on exports and China is its biggest trading partner. The Chinese economy is growing at its slowest pace in 27 years.

The Ministry of Trade and Industry said it expected that Singapore will “likely to continue to face strong headwinds for the rest of the year.”

“With trade tensions between the US-China unlikely to abate anytime soon, we expect exports and trade-related services to push the economy into technical recession in Q3,” Sian Fenner at Oxford Economics wrote in a research note.

 

Updated 1447 GMT (2247 HKT) August 13, 2019

 

Sources from: CNN

SVE NEWS is the leader in world news liberal sharing.

(Comments on this news are welcome)

Tips: More wonderful contents, please pay attention to “Instagram: @cwmalls “. From now on, WWW.CWMALLS.COM officially provides Custom Made Leather Jackets Series, Made to Order Leather Shoes Series, ODM Leather Bags Series around the world; whether for men’s style or women’s style, Whether it is Haute Couture, or prop clothing, performing costumes, professional clothing, special clothing, advanced customization, we can meet all your requirements; please pay attention and experience! Meanwhile, CWMALLS® Patented Product Series is also provided with Custom Made, Personal Tailor services, and appreciated and interacted synchronously via Google, Bing, FacebookTwitterInstagram,YouTube, Pinterest , LinkedInVK   and other sharing platforms; welcome worldwide web celebrities, fashion icons, opinion leaders, columnists and other friends, partners to comprehend and cooperate actively! Thank you! In 2019 CWMALLS people, CWMALLS team, CWMALLS complex will bring you more surprises and values!

One thought on “SVE NEWS & CNN Sharing Series – Singapore is heading for a recession. The trade war is hurting”

  1. Like!! Thank you for publishing this awesome article.

Leave a Reply

Your email address will not be published. Required fields are marked *

    Top