Singapore once again cut its annual growth rate as trade tensions drag it down
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Economic Daily-China Economic Network Singapore(China Economic Network) The Monetary Authority of Singapore has released a new survey, forecasting that Singapore's economy will grow by 0.6 per cent this year, well below the 2.1 per cent forecast three months ago.
Due to the poor performance of the Singaporean economy in the second quarter and the sluggish global economic growth, the Ministry of Trade and Industry of Singapore reduced its forecast for annual economic growth from 1.5 to 3.5 to 1.5 to 2.5 in May. Singapore's economy grew by only 0.1 per cent in the second quarter.
Economists predict that Singapore's economy could grow by 0.3 % in the third quarter. Specifically, manufacturing and wholesale and retail trade are likely to shrink further this year. Three months ago, economists predicted a 0.2 per cent contraction in manufacturing, which, in a new report, was forecast to shrink by 2.4 per cent a year. The projected annual inflation rate of 0.7 per cent, excluding the core rate of 1.2 per cent for accommodation and land transportation, was lower than the previous projections of 0.9 per cent and 1.4 per cent.
According to the report, the biggest downside risk facing the Singaporean economy is rising trade tensions. However, the ratio that places this factor at the top has fallen from 94.1 to 88.9. Most of the economists surveyed expected Singapore to adopt aggressive fiscal policy and loose monetary policy to stimulate economic growth.
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