Reportedly, Singapore’s economy—which is mostly seen as a measure for global development—avoided a technical slump following growing by 0.6% during the third quarter, in comparison to the last 3 Months. That quarterly expansion marked a reverse from the changed 2.7% decline during the April–June period, formal advance projections by the MTI (Ministry of Trade and Industry), Singapore showed. On a yearly basis, Singapore’s financial system surged by 0.1% in the third quarter. But the new growth numbers were below anticipations. Economists surveyed by Reuters expected Singapore’s GDP (gross domestic product) from July–September will amplify by 1.5% quarterly and 0.3% yearly.
A technical slump arises when there are two straight quarters of financial contraction. The talks of a global recession intensified in the last few months in the middle of the U.S.-China trade battle that is been dragged on for over a year now. Anthony Raza—from UOB Asset Management—stated, “I don’t feel we are out of the woods. I am still worried that there is a wide global downbeat and that places such as Singapore don’t appear to be coming out of it as of right now. Reportedly, Singapore has one of the major trade-to-GDP proportions across the globe.
Speaking of the Singapore economy, recently the country alleviated the monetary policy and avoided a slump. Seemingly, the Asian country eased monetary policy for the very first time in the last 3 Years as the U.S.-China trade war emerges, while the export-dependent economy closely avoided recession during the last quarter. The financial center’s central bank is associated with others globally, from Europe to the U.S., in easing policy since concerns escalated of an international economic slowdown. Traditionally, the city-state is the first amongst Asian export-driven economies to be impacted during a downturn, making it a personally watched pointer of global demand for services and goods for the rest of the region.