Local stocks slide on global growth fears
IMF sounds another warning as a result of trade tariffs, financial market volatility; cuts growth this year to 3.5% from 3.7%
SINGAPORE stocks slid again on Tuesday, after the International Monetary Fund (IMF) sounded yet another warning about weakening global growth as a result of trade tariffs and financial market volatility.
Ahead of the World Economic Forum in Davos, the IMF also cut global growth forecasts, just three months since it forecast a downturn last October. The agency predicted the global economy will grow at 3.5 per cent in 2019, down from 3.7 per cent. In 2020, the global economy will grow at 3.6 per cent, instead of 3.7 per cent, according to the IMF.
In a morning note, OCBC Treasury Research said the latest cut from the IMF "is just a confirmation of existing concerns of a slower 2019".
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