“We expect the challenging external conditions to continue weighing heavily on the overall growth across Southeast Asian economies, as well as on regional trade flows,” says Mark Billington, regional director for Greater China and Southeast Asia at ICAEW.
SINGAPORE (Sept 23): Singapore is seen to dip into a technical recession in the current quarter ending Sept 30, say economists at Oxford Economics. The export-oriented city state is bracing for its economy to be hit the hardest across the region amid spillovers from the US-China trade war, slower Chinese domestic demand and a downturn in the global electronics cycle, according to a separate report by the Institute of Chartered Accountants in England and Wales (ICAEW) on Sept 19.
Elsewhere in Southeast Asia, economic growth is expected to moderate to 4.5% for this year, down from 5.1% in 2018, following another round of tariffs and trade restrictions between the US and China. The downward trend comes as economic growth in the region contracted to 4% in 1H2019, from 4.5% in 2H2018.
