With the high events taking place in the world’s trade situation and the overall global economy, there are many different countries that are directly affected by the results. This would definitely include all the countries who are on trade relations with the United States and China. This would include almost every country in South East Asia; including Singapore.
Singapore is a fast growing country with lots of investments moving in and out of the country. This country is known to generate large sums of money having a strong stance in their financial market. However, recently due to the current global situation, the government in Singapore has decided to lower their growth forecast for the year 2019. According to news released by the government, the economic performance of the country has been much more worse than expected.
The main reason behind the current value is the fact that the trade is being highly affected by political stances causing a huge setback for companies. The target for the country was to reach a total growth in economy of 3.5%. However, due to the results and the changes, this number has been amended to decrease a whole 1% being 2.5% as a maximum value to reach.
The Ministry of Trade and Industry in Singapore commented on the situation saying, “Against this challenging external economic backdrop, key outward-oriented sectors in the Singapore economy are expected to slow this year.”