Singapore slashed its full-year economic growth forecast on Tuesday as global conditions were seen worsening and data confirmed the slowest growth rate in a decade amid mounting fears of recession in the city-state.
Prolonged turmoil in Hong Kong could jeopardize regional financial stability, and that would outweigh any short-term gain for Singapore from flows of funds from investors worried about protests there, a Singapore government minister said.
A plunge in exports and the worst growth rates for a decade have fueled concerns about the outlook for Singapore's economy, with analysts saying the figures offer a warning that Asia is heading for a slowdown as China-US tensions bite.
Singapore’s economy grew at its slowest annual pace in a decade in the second quarter, preliminary data showed on Friday, raising doubts about a technical recession and monetary policy easing could be just around the corner.
Singapore emerged as the top digital society, with more citizens trusting technology and reaping its benefits, compared with their counterparts in the US and China, according to a study of 24 countries.