Singapore’s economic growth rate slowing down

Singapore’s economic growth rate, already falling, is likely to be even lower this year, the Ministry of Trade and Industry (MT) said today (February 15). The economy grew by 3.2 per cent in 2018, down from 3.9 per cent in 2017. “For 2019, MTI has maintained the GDP growth forecast at ‘1.5 to 3.5 per cent’, with growth expected to come in slightly below the mid-point of the forecast range,” the ministry said.

Noting ‘’the risk of a further escalation of the trade conflicts between the US and its trade partners”, the possibility of “a sharper-than-expected slowdown of the Chinese economy” and the risk of a “no-deal” Brexit, the ministry said that “the pace of growth in the Singapore economy is expected to slow in 2019 as compared to 2018 ”.

Aishwarya

Aishwarya