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Singapore cuts growth outlook as trade war ripples across region

by VTV415 August 2019 Last updated at 11:34 AM

Singapore further cut its annual growth forecast on Tuesday as the escalating US-China trade war hammers export. -- Reuters photo
Singapore further cut its annual growth forecast on Tuesday as the escalating US-China trade war hammers export. -- Reuters photo

VTV.vn - Singapore's government on August 13th cut its forecast for economic growth this year to almost zero as the escalating U.S-China trade war dampens the region's most trade-reliant economies.

Singapore's economy now is seen growing 0.0%-1.0% this year, down from a previous projection of 1.5%-2.5%, the Ministry of Trade and Industry said Tuesday, with growth expected to come in near the midpoint of the range.

Final second-quarter figures showed gross domestic product contracting an annualized 3.3% from the first three months of the year, versus the previous estimate of a 3.4% contraction.

Singapore's Ministry of Trade and Industry forecast that the economy may face strong headwinds in the year's remainder, while analysts do not exclude the possibility of negative growth.

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