US | us trade war impact on singapore
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Singapore’sgrowthestimatesfor2019havebeenbroughtdownto 0-1%,bythecountry’sMinistryofTradeandIndustry(MTI).Thisis significantlylowerthantheearlierforecastintherangeof1.5%-2.5%.WhileGDPgrowthinthesecondquarterwasestimatedat0.1%bytheMTI,theGDPgrowthforthefirstsixmonthswashigher,butnotparticularlyimpressive.[1][2]Singapore,oftencitedasamodelofeconomicsuccessinspiteofitssize,isdependentupontrade,andhasbeenoneofthebiggestbeneficiariesofglobalizationinrecentdecades.Asaresultofthe China-USTradeWar t...
![US](https://i.imgur.com/H8YKUrg.jpg)
Singapore’s growth estimates for 2019 have been brought down to 0-1%, by the country’s Ministry of Trade and Industry (MTI). This is significantly lower than the earlier forecast in the range of 1.5%-2.5%. While GDP growth in the second quarter was estimated at 0.1% by the MTI, the GDP growth for the first six months was higher, but not particularly impressive.[1][2]
Singapore, often cited as a model of economic success in spite of its size, is dependent upon trade, and has been one of the biggest beneficiaries of globalization in recent decades. As a result of the China-US Trade War the economy of the Southeast Asian city state has taken a hit. The turmoil in Hong Kong and the tensions between Japan and South Korea could further accentuate Singapore’s economic challenges.[3]
According to a Fitch report, 25% of Singapore’s exports were bound for mainland China and Hong Kong. Some of the sectors worst hit by the China-US Trade War are the MSME Sector, as well as electroni...