The Singaporean Ministry of Trade and Industry reportedly said on July 12 that the country’s gross domestic product (GDP) grew by a mere 0.1 percent year-on-year during the period, lower than a 1.1 percent forecast in a Reuters poll, the slowest growth since the second quarter in 2009 when the GDP shrank by 1.2 percent.
Selena Ling, head of treasury and strategy at OCBC Bank, said the main drag remains manufacturing which contracted 3.8 percent annually after shrinking 0.4 percent in the previous quarter.
Several experts predicted that Singapore could fall into recession by 2020.
The latest economic data showed that the China – US trade friction and a slump in global trade are taking a toll on Singapore’s economy.-VNA
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