Singapore Reports Weakest GDP Growth In 10 Years As Economy Shrinks By 3.3%

Singapore’s Minister Of Trade And Industry reported that the country’s economy has shrunk by 3.3% and has slashed it’s GDP forecast from 1.5-2.5% to 0-1% following the China-America trade war.

The trade war has hurt Singapore’s economy simply due to the fact that is heavily reliant on exports and China is its biggest trading partner. The Chinese economy is growing at its slowest pace in 27 years.

Most economies have reported stunted or declined growth this year as a result of the China-US trade war that doesn’t seem to end anytime soon.

 

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