Singapore's decade-low growth triggers recession warning

13 Juillet, 2019, 01:10 | Auteur: Auguste Feret
  • Singapore’s GDP shrinks by an annualised 3.4% in the first three months of the year

The slump in Singapore - often seen as a bellwether for the health of the global economy - is the latest evidence that momentum has slowed across Asia as the year-long United States-China trade war and sliding growth weigh on the region's export-reliant economies.

The city-state's gross domestic product shrank an annualised 3.4 percent, sharply down from 3.8 percent growth in the first three months of the year and well off forecasts of a slight expansion.

On a year-on-year basis, it expanded just 0.1 percent, the trade ministry said, marking the slowest rate since the global the global financial crisis in 2009 and also well short of estimates.

Khoon Goh of ANZ, who described Singapore's economy as being at a "stand-still" in the second quarter, said in a note that with global trade "still reeling" from trade tensions and broader global slowdown, downside growth risks remain.

With Singapore reporting on Friday (July 12) a surprise economic contraction, Law Minister K. Shanmugam said earlier this week that an upheaval in trade and the impact on the economy could be among the top concerns of its citizens.

In the second quarter, manufacturing contracted 3.8% from a year earlier after shrinking 0.4% in the quarter earlier.

We've been expecting you: Christoph Waltz returning as Blofeld for Bond 25
But for now, we should just keep our fingers crossed that production on James Bond 25 can actually finish up without anymore hiccups.

Wimbledon 2019: Novak Djokovic overcomes Roberto Bautista Agut to enter sixth final
Their match follows defending Wimbledon champion Novak Djokovic's match against Roberto Bautista Agut that begins at 8 a.m. And Djokovic taunted the Centre Court spectators by putting his finger to his ear after winning a crucial point.

Thurman has appetite for destruction of 'legend' Pacquiao
There's a big chance that this fight is not going the distance. "Thurman starts quickly but he usually fades", Roach said. He said that he is ending his career anyway because the latter's time in the boxing scene is already up.

Some analysts are now betting Singapore could slip into a technical recession - two straight quarters of economic contraction - in 2020.

The disappointing Q2 figures have more economists expecting that the Monetary Authority of Singapore, the central bank will ease its exchange-rate based monetary policy in its next policy statement, due in October.

For the past year, China and the USA have been raising tariffs on each other's exports in an increasingly bitter trade war that is weighing on the global economy and markets.

"There was a one-in-four chance previously that the MAS will ease", said Jeff Ng of Continuum Economics, who forecast no change. "Now, it has increased to 40% that they will ease on or before October".

ANZ's note was headlined "We now expect MAS to ease in October", and said it expects MAS to reduce the slope of its policy band slightly to 0.5 percent per annum from 1.0 percent. An imminent move, therefore, looks probable.

FILE PHOTO: Passers-by hold their mobile phones as people take a selfie photo using a smartphone, with Singapore's central business district skyline, in Singapore, May 10, 2019.

Conseillé:



Populaire

Le pétrole reste incertain
Les cours du pétrole évoluent proches de l'équilibre dans l'espoir d'un apaisement des tensions sur le dossier du nucléaire iranien.

Trump defends use of Deutsche Bank, says bank has been 'maligned'
The bank announced Sunday that it would cut 18,000 jobs by 2022, downsizing its volatile investment banking division. Deutsche Bank CEO Christian Sewing said he reprimanded those who had a tailor come to the bank's London office.

Antoine Griezmann présenté sans public — Barça
Surtout que sa clause libératoire à 120 millions d'euros faisait presque de lui une affaire, vu les prix actuels du marché. Annoncé tout proche du FC Barcelone , Antoine Griezmann risque toutefois de ne pas bénéficier du même traitement.

Major shuffle at NASA in rush to meet Trump’s moon deadline
The biggest change to rock the agency is the demotion of Bill Gerstenmaier, who was leading the efforts to return humans to the lunar surface.

Algérie: Un onze inchangé face à la Côte d'Ivoire
Au total au cours de cette soirée, 74 personnes ont été interpellés dont 73 placés en garde à vue sur l'ensemble du territoire. Andy Delort a été marqué suite au drame survenu à Montpellier après le match entre l'Algérie et la Côte d'Ivoire .

Kevin Durant Changing His Jersey Number With Brooklyn Nets
Former NBA MVP Derrick Rose also completed his signing with Detroit on Sunday, wrapping up a $15 million, two-year deal.

Guiseley FC v Leeds United predictions, odds
Actually, hola! Today's matchday we're broadcasting especially for you, football fans. Fans can make a decision and choose their own match favorite in voting and comments.

Le point sur le dossier Thomas Meunier — PSG
Mais le Belge souhaitant finalement rester au club, les Colchoneros se rabattraient sur d'autres pistes, parmi lesquelles. Thomas Meunier est en fin de contrat avec le PSG en juin 2020.

Turbulences: un avion Air Canada se pose en urgence à Hawaï
Selon l'agence américaine de l'aviation civile, les turbulences s'étaient produites à environ 11.000 mètres d'altitude, à un millier de kilomètres au sud-ouest d'Honolulu (Hawaï).

Novak Djokovic vs Roberto Bautista Agut, Wimbledon 2019
No. 7 Simona Halep beat No. 8 Elina Svitolina 6-1, 6-3; No. 11 Serena Williams beat Barbora Strycova 6-1, 6-2. The big three in men's tennis have all made it safely through to the semi-finals of Wimbledon.