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Singapore GDP growth expected to moderate further amid deteriorating external conditions: RHB

Pauline Wong
Pauline Wong10/1/2019 05:17 PM GMT+08  • 4 min read
Singapore GDP growth expected to moderate further amid deteriorating external conditions: RHB
SINGAPORE (Oct 1): Amid global trade slowdown and continuing trade tensions, Singapore can expect slow and sluggish growth in the last quarter of 2019 and well into 2020, according to RHB Group Research.
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SINGAPORE (Oct 1): Amid global trade slowdown and continuing trade tensions, Singapore can expect slow and sluggish growth in the last quarter of 2019 and well into 2020, according to RHB Group Research.

In its research note on Tuesday, RHB lowered its forecasts for real GDP growth in 2019 and 2020, as it believes external conditions are likely to deteriorate – leading to a prolonged slowdown. “We lower our GDP growth forecast to 0.5% y-oy from 0.8% in 2019, and to 0.8% from 2.0% for 2020,” it said.

And while the brokerage says a technical recession is “a possibility” in 2019 and 2020, it has ruled that out in its baseline forecast. “That being said, overall growth for the rest of the quarters is expected to remain weak and sluggish,” RHB added.

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