SINGAPORE (July 22): Consecutive releases of depressing economic data have dampened sentiment and raised the spectre of Singapore’s falling into a recession. Policymakers and economists have recalculated their growth projections and the results are grim: The economy is forecast to expand as little as zero to 1% this year.

Yet, a downturn should come as no surprise. The protracted, tit-for-tat trade war between the US and China, as well as lingering global economic sluggishness, is bound to take its toll on Singapore’s small, very open and trade-dependent economy.

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