SINGAPORE (Dec 19): Singapore’s economy is set to pick up gradually from the sharp downturn it faced this year, in spite of the inherent weakness in the global economy, say economists at the ASEAN+3 Macroeconomic Research Office (AMRO).
“Singapore’s growth is expected to slow to 0.6% in 2019, before picking up to 1.1% in 2020,” observes AMRO’s lead economist, Chaipat Poonpatpibul. The recovery, he adds, will come with improving global trade volumes as semi-conductor exports bottom out.
A key risk comes from the uncertainty over US-China trade tensions, which is likely to affect sentiments and business investments. This is in spite of last Friday’s ‘phase one’ talks, which saw the superpowers laying out terms for a trade truce.