Export-reliant Singapore has acutely felt the pressures of the US-China trade war, with officials lowering 2019 growth forecasts almost to zero after the economy contracted an annualized 3.3% in the second quarter from the previous three months. Third-quarter figures are due this month.
(Oct 3): Singapore’s economy probably hasn’t slid into recession yet, though the government is monitoring conditions closely and will step in with support measures if needed, said Indranee Rajah, minister in the Prime Minister’s Office.
“We’re not new to difficult economic situations, we’re not new to recessions,” Rajah, who is also Singapore’s second minister for finance and for education, said in an interview Thursday with Bloomberg Television’s Juliette Saly. “We don’t think we’ve gone into a recession as yet, but we’re keeping a very close eye on it.”
