Singapore's GDP grew by 4.6 percent year on year in the first quarter, and 4.1 percent year on year in the second quarter (Source: www.straitstimes.com)Singapore (VNA) - The Monetary Authority of Singapore (MAS) onDecember 12 announced the results of its recent survey that Singapore’s economywill grow only 2.6 percent in 2019 due to the negative impacts of protectionismand a trade war between the US and China, the world’s first and second largesteconomies.
The central bank also predicted this year’s 3.3 percent growth for the leadingeconomy of ASEAN, higher than 3.2 percent forecast previously.
The manufacturingsector is expected to expand at a slower pace, with economists surveyedforecasting a growth of 7.4 percent, slightly down from their 7.6 percent predictionin September's survey.
The finance andinsurance industry is projected to grow 6.9 percent, a slight increasefrom the 6.7 percent growth predicted previously.
Meanwhile, the MASsurvey showed forecasts for both headline and core inflation in 2018 at0.5 percent and 1.7 percent, respectively. For 2019, inflation isprojected to come in at 1.3 percent and core inflation at 1.8 percent.
China is now the largest trade partner of Singapore, with two-way trade hitting54 billion USD last year. Meanwhile, the US ranks fifth among the Southeast Asiancountry’s trade partners with over 24 billion USD in trade value.-VNA
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