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Singapore economy shows some signs of hope as trade war drags on

Recent data and anecdotal evidence suggest gross domestic product will probably grow in the third quarter after shrinking in the previous three months, according to economists including Chua Hak Bin at Maybank Kim Eng Research Pte. and Barnabas Gan at United Overseas Bank Ltd.

That would mean the city state will narrowly avoid a technical recession, commonly defined as two consecutive quarters of contraction.

Even so, there is little to cheer about. Economists have slashed their 2019 growth forecasts for the export-reliant economy as the US-China trade war intensifies. Singapore’s government is projecting growth of zero to one per cent for the year.

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