Overall, there appears to be growing concern among Singaporeans about the city state’s economic prospects. The flow of economic news has not been encouraging, with a long litany of economic indicators looking weak, including purchasing managers’ indices, exports, industrial production, retail sales ex-cars, loan growth, equity market trading, commercial rentals and real estate activities. However, there are some incipient signs of better times, particularly in areas related to external demand. The key questions are whether Singapore will indeed enjoy better global demand and whether headwinds in the domestic economy might offset any upside from the external sector.

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