Singapore Economy is heading for a short term recession

A recession is possibly on the horizon as Singapore’s GDP may record further gradual decline from the 3.4 per cent recorded in the second quarter of this year, according to according to Swiss multinational investment bank Credit Suisse AG.

Credit Suisse, in its latest report on Singapore’s market strategy, also observed that Singapore’s GDP growth in the second quarter of this year has “slowed more significantly compared” in contrast to regional competitors in international trade such as Hong Kong and South Korea.

Hong Kong’s GDP grew by 0.6 per cent, South Korea by 2.1 per cent, and Taiwan by 2.4 per cent, while Singapore’s GDP grew only by 0.1 per cent, noted Credit Suisse, as seen in the graph below.

From a year-on-year (YoY) perspective, a GDP growth of 0.5 per cent is projected to take place, which Credit Suisse posited to be a significant slowing down from the 3.1 per cent recorded last year, and is below the Ministry of Trade and Industry’s prediction of 1.5 per cent to 2.5 per cent.

Growth in tourism is expected to slow down by 1 per cent YoY this year, which falls short of Singapore Tourism Board’s projection of 1-4% increase, due to “a slowdown in arrivals from China, Indonesia and Malaysia, impacted by poor consumer sentiment and currency weakness relative to the Singapore dollar”, Credit Suisse predicted.

“In addition, loss of market share of Chinese tourists to countries such as Vietnam and Japan presents further downside risks,” the report added.


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Author: Gilbert Tan TS

IT expert with more than 20 years experience in Multiple OS, Security, Data & Internet , Interests include AI and Big Data, Internet and multimedia. An experienced Real Estate agent, Insurance agent, and a Futures trader. I am capable of finding any answers in the world you want as long as there are reports available online for me to do my own research to bring you closest to all the unsolved mysteries in this world, because I can find all the paths to the Truth, and what the Future holds. All I need is to observe, test and probe to research on anything I want, what you need to do will take months to achieve, all I need is a few hours.​

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