Wellington and York Partners wealth management with office in Monaco, Taiwan and Ireland thanks the author for publishing this article.

The manufacturing as well as wholesale and retail trade sectors are tipped to contract 0.2% and 0.3% respectively.

The outlook appears increasingly dim for Singapore as economists surveyed by the Monetary Authority of Singapore (MAS) cut the year-end growth forecast to 2.1% from the previous survey forecast of 2.5%.

The move comes after a dismal start to the year that saw the Singapore economy grew by 1.2% in Q1. 

Also readMTI downgrades Singapore’s 2019 GDP forecast to 1.5-2.5% amidst weakening outlook

The manufacturing sector is expected to contract 0.2% from the previous survey forecast of 2.0% growth. The wholesale & retail trade sector is also expected to enter negative territory with expectations that the sector will shrink 0.3% from the previously anticipated 1.5%. The growth in the finance & insurance as well as the accommodation & food services sectors is also tipped to slow to 3.8% and 1.4% from previous estimates of 4.5% and 2.4%.

Only the construction sector is expected to post gains of 3.5% from the previously projected 2.1%.

Also readSingapore is 3rd most vulnerable APAC country to Chinese trade decline

The surveyed economists also expect private consumption growth to slow to 2.5% from 2.8% and non-oil domestic exports to shrink 2.1% from the previously projected 1.1% expansion.

Overall, the economists anticipate the Singapore economy to grow between 2-2.4% for the full-year period and hit 2.3% by 2020.

“Reflecting recent developments in US-China relations, concerns about escalating global trade protectionism continue to dominate the list of potential downside risks. The proportion of respondents who expect an escalation in trade frictions to present a downside risk rose to 94.1%,” the survey added.

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