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Singapore’s economic growth shows signs of slowndown

Singapore’s Ministry of Trade and Industry (MTI) said the country's 2019 economic forecast could be cut again considering the weak performance in the second quarter and strong headwinds in the global economy.
Singapore’s economic growth shows signs of slowndown ảnh 1A corner of Singapore (Photo: EPA/VNA)

Singapore (VNA) – Singapore’s Ministry of Trade andIndustry (MTI) said the country's 2019 economic forecast could be cut again consideringthe weak performance in the second quarter and strong headwinds in the globaleconomy.

The forecast stands at between 1.5 percent and 2.5 percent,and may be revised down further in the MTI’s preliminary growth estimates to bereleased in August.

During the April-June period, the economy shrank 3.4 fromthe first quarter, prompting warnings of a technical recession, or twoconsecutive quarters of slowdown.

As a small and open economy significantly influenced byexternal developments, Singapore is vulnerable to negative quarter-on-quartergrowth, the ministry said.

However, it pointed to areas of strength, including the IT,education, health and social services sectors, noting that Singapore’sfull-year growth is not likely to be negative.

In such context, the Government was said to continue supportingbusinesses and workers to build capacity for the long term, such as via theEnterprise Development Grant for firms to scale up and Professional ConversionProgrammes to improve workers’ skills.-VNA  
VNA
#Singapore’s Ministry of Trade and Industry#Singapore economic growth 2019#Singapore#Singapore economy#Enterprise Development Grant#Professional Conversion Programmes#Vietnam news agency#vietnamplus
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