SINGAPORE (Reuters) – Singapore’s economy is expected to have contracted almost 3% in the second quarter, a slight improvement from advance estimates but reaffirming the risk of a possible recession as the trade and manufacturing sectors struggle.
Final gross domestic product is forecast to have fallen 2.9% on a seasonally adjusted and annualized quarter-on-quarter basis, a Reuters poll showed. That is smaller than the 3.4% contraction forecast by the government but well below the first quarter’s 3.8% growth.
String - Indicators - Singapore - Bellwether - Growth
It would be the latest in a string of bad indicators for Singapore, often seen as a bellwether for global growth as international trade dwarfs its domestic economy.
“Given weak recent trends in industrial production, non-oil domestic exports and retail sales, I see little room for optimism,” said Steve Cochrane, Moody’s Analytics Asia-Pacific chief economist.
Guess - Data
“My best guess then, is for the data to remain largely unchanged.”
Moody’s Analytics said in a note on Thursday that the chance of a global recession over the next 12-18 months had increased to 50% from 40%.
Raft - Banks
A raft of Asian banks including in...
Wake Up To Breaking News!