SINGAPORE'S gross domestic product (GDP) growth in 2019 is expected to drop to 2.4 per cent 'against a more challenging environment for exports and the manufacturing sector', according to a report on Monday from the Institute of Chartered Accountants in England and Wales (ICAEW). Read more at The Business Times.
SINGAPORE'S gross domestic product growth in 2019 is expected to drop to 2.4 per cent "against a more challenging environment for exports and the manufacturing sector", according to a report on Monday from the Institute of Chartered Accountants in England and Wales .
The ICAEW forecast for Singapore's 2019 growth is comparable to the Ministry of Trade and Industry's expectation of growth coming in slightly below the mid-point of the official 1.5 to 3.5 per cent forecast range, as well as the 2.5 per cent forecast arrived at in the Monetary Authority of Singapore's March survey of professional forecasters. The Singapore economy grew 3.2 per cent in 2018.
Singapore's exposure to China means additional risks to growth, both directly to domestic demand and via supply chains, said the report. While the mildly expansionary Budget 2019 leaves room to intervene if economic conditions worsen sharply, moves such as the Bicentennial Bonus are"unlikely to lead to any significant bounce in household spending in Singapore this year".
Said ICAEW regional director for South-east Asia Mark Billington: "While the mildly expansionary budget will support growth, we maintain our cautious outlook for Singapore's economy, given the slowdown in global trade and the likely impact on Singapore’s manufacturing and externally-dependent service sectors."
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