Singapore needs to rethink its game plan to tackle mounting global uncertainties and domestic challenges to its economy

SINGAPORE (July 22): Simmering trade tensions between the US and China have taken their toll on the export-driven economy of Singapore. The latest releases of economic data have observers projecting a recession for the city state, even as its officials think it will not happen. On July 17, figures from Enterprise Singapore revealed a slump in exports in June, the steepest decline in six years. That release followed the Ministry of Trade and Industry’s (MTI) advance GDP growth estimate of a dismal 0.1% for 2Q2019 ended June.

Meanwhile, the International Monetary Fund (IMF) has cut its full-year growth forecast for the local economy to 2%, from 2.3% previously.

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