Export-dependent Singapore is expected to be hurt the most among major Southeast Asian economies, as fears of more trade tariffs between the US and China set in. This is based on a report released by the Institute of Chartered Accountants in England and Wales (ICAEW) and financial forecasting firm Oxford Economics.
Singapore’s economy is projected to slide from the 3.1 per cent growth last year to 1.9 per cent this year, before recovering slightly to 2.2 per cent in 2020.
It is the sharpest predicted slump out of six Southeast Asian nations tracked by the institute, which includes Indonesia, Malaysia, the Philippines, Thailand and Vietnam.