Home Views Singapore economy

Cloudy with a chance of recession

The Edge Singapore
The Edge Singapore7/19/2019 9:42 AM GMT+08  • 5 min read
Cloudy with a chance of recession
SINGAPORE (July 19): 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
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

SINGAPORE (July 19): 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.

According to World Bank data, Singapore has one of the highest trade-to-GDP ratios in the world. The ratio is an indicator of how important international trade is to an economy. In 2018, Singapore’s trade was 326% of its GDP, second after Hong Kong’s 376%. For further comparisons, Vietnam’s was 188% of its GDP and Thailand’s, 123%. The European Union’s was 86%, the US’ was 27% and China’s was 38%.

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.