With Singapore still on some financial crisis many different factors in the country is being affected. Lately there has been discussed by the Prime Minister of Singapore on the hardships for the financial field. There are a loss in numbers, the market value is decreasing and the overall talent for financial positions is disappearing. These hardships have been knocking onto the economy of Singapore day by day until recently where a new news was shocking to the world.
According to recent reports Singapore’s purchasing managers index has been decreasing. This decrease is very significant as it is caused by huge issues including the trade war, financial instabilities and more chaos in the structure of companies. However, the issue is of great importance to tackle because the value of the PMI has declined below 50. This is the biggest decline in PMI number in the past 3 years which calls for an important action to take place.
This is huge as this number describes the current state of the country in terms of economy. Reaching the current value of 49.9 takes the country back from a state of expansion to the state of contraction. The results are expected to keep declining as a result of the trade war currently being held between the United States and China which has had a strong negative impact on the import and exports of Singapore.