Thursday, 11 August 2016

Singapore cuts 2016 forecast as world economy slows

Singapore on Thursday narrowed its economic growth forecast for this year, citing concerns over the weaker global outlook and the impact of Britain’s vote to leave the EU.

Gross domestic product (GDP) for the city-state, regarded as a bellwether for Asia’s other trade-reliant economies, is forecast to expand 1-2 percent instead of 1-3 percent as projected earlier, the trade ministry said.

Both trade and services in Singapore, including the crucial financial sector, are vulnerable to global shocks.

”The global economic outlook has weakened slightly since three months ago in May,” the ministry said in a statement.

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