Singapore Economic Forecast

Singapore Economic Outlook

October 15, 2019

Although economic growth should have recovered in the third quarter after slumping to a one-decade low in the second, the pace of growth was likely relatively muted. Particularly, the global tech slump and ongoing trade tensions between the U.S. and China continue to batter the external sector. Merchandise exports contracted at a sharper pace in July–August amid prolonged weakness in non-oil domestic exports, while the downturn in the country’s industrial sector intensified in the same period. On the other hand, domestic demand should have held up well in Q3. Private-sector credit growth accelerated in July–August on the back of an uptick in business lending growth. Moreover, the services sector is expected to have performed well after a robust outturn in the second quarter.

Singapore Economic Growth

Economic growth should accelerate next year on the back of robust domestic demand amid a pick-up in investment expenditure, while the external sector is seen bouncing back from a poor showing this year which should support manufacturing. Risks, however, remain tilted to the downside due to external headwinds—chiefly from the lingering U.S.-China trade war. FocusEconomics panelists expect the economy to grow 1.6% in 2020, which is down 0.2 percentage points from last month, and 2.3% in 2021.

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Singapore Facts

Bond Yield1.691.39 %Sep 04
Exchange Rate1.38-0.01 %Sep 04
Stock Market3,1310.18 %Sep 04

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