The skyline of Singapore at night (Source: AFP) Hanoi (VNA) - Singapore's economy expanded by itsslowest rate in a decade in the second quarter of this year, raising fear of a recessionand monetary policy easing in October, according to a Reuters article.
The Singaporean Ministry of Trade and Industry reportedlysaid on July 12 that the country’s gross domestic product (GDP) grew by a mere 0.1percent year-on-year during the period, lower than a 1.1 percent forecast in a Reuterspoll, the slowest growth since the second quarter in 2009 when the GDP shrankby 1.2 percent.
Selena Ling, head of treasury and strategy at OCBC Bank, said the main drag remainsmanufacturing which contracted 3.8 percent annually after shrinking 0.4 percentin the previous quarter.
Several expertspredicted that Singapore could fall into recession by 2020.
The latesteconomic data showed that the China - US trade friction and a slump inglobal trade are taking a toll on Singapore's economy.-VNA
The Singaporean Ministry of Trade and Industry reportedlysaid on July 12 that the country’s gross domestic product (GDP) grew by a mere 0.1percent year-on-year during the period, lower than a 1.1 percent forecast in a Reuterspoll, the slowest growth since the second quarter in 2009 when the GDP shrankby 1.2 percent.
Selena Ling, head of treasury and strategy at OCBC Bank, said the main drag remainsmanufacturing which contracted 3.8 percent annually after shrinking 0.4 percentin the previous quarter.
Several expertspredicted that Singapore could fall into recession by 2020.
The latesteconomic data showed that the China - US trade friction and a slump inglobal trade are taking a toll on Singapore's economy.-VNA
VNA
