Singapore escapes ‘technical recession’ in third quarter

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Singapore escapes ‘technical recession’ in third quarter

Singapore’s economy in the third quarter almost hit a technical recession even as growth stayed subdued, extremely impacted by the ongoing trade conflicts between the world’s largest economies in China and the U.S.

Singapore’s Gross Domestic Product (GDP) was expected to have hit a 1.5% increase on a quarter-on-quarter, seasonally adjusted and annualized basis in July-September.

It would ease the 3.3% decline in the second quarter. However, analysts say that the economic picture remains hazy as global demands continue to send negative trends.

“Third-quarter GDP is expected to stay weak and narrowly dodge a technical recession,” Maybank Kim Eng economist Lee Ju Ye said.

“Manufacturing will likely remain in recession, while services will be supported by the financial sector, tourism-related services, and business services,” she added.

The Singaporean government is expected to come up with a hefty 2020 budget as election surfaces with the ruling party seeking to appease voters who are on the receiving end of economic downturn.

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