Singapore Lowers Growth Forecasts as Global Economy Cools

Singapore’s government has downgraded its growth forecasts for this year, as the Asian city state posted its worst quarterly economic performance in a decade amid a slowing global economy and trade upheaval, the Financial Times reported. The global trade hub’s Ministry of Trade and Industry said on Tuesday that it now expects Singapore’s growth for 2019 to come in at between 1.5 per cent and 2.5 per cent. Previously the government had forecast economic expansion of between 1.5 per cent and 3.5 per cent for the year. The downgrade came as Singapore posted its worst quarterly expansion in gross domestic product in almost a decade. For the first three months of the year, the economy grew by just 1.2 per cent compared to the same period in 2018. That was below both the 1.5 per cent rate of growth predicted by economics polled by Reuters, and the 1.3 per cent recorded in the immediately prior fourth quarter. Read more