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Singapore’s PM to deliver economic policy speech amid cloudy outlook


Singapore’s PM to deliver economic policy speech amid cloudy outlook

singapore economy
Photo: Parliament House of Singapore

Singaporean Prime Minister Lee Hsien Loong will discuss the city-state’s economic outlook today during his National Day speech.

Singapore’s economy growth forecast for 2019 has fallen by two points to somewhere below 1% as reduced global demand for electronics hits Singapore’s key manufacturing and trade sectors. Compared to the same period last year, Q2 saw manufacturing decrease by 3.1% and non-oil local exports by 14.6%. To dampen the economic downturn, Mr Lee is expected to announce an increase in the retirement age from 62 to 67 and possibly government stimulus.

South Korean-Japanese trade tensions and the recent American threat of a 10% tariff on $300 billion worth of Chinese imports have rattled the small, international trade-dependent economy.

After business confidence fell by 11% in July, expect Mr Lee to look for positivity amid a pessimistic economic outlook to dissuade the departure of foreign investors. However, Singapore appears likely to enter a recession in the near term.  As Singapore is usually the first to feel the effect global trends, expect this to indicate struggles ahead for other economies in the region.

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