SUBSCRIBERS

IMF cuts Singapore 2019 growth forecast to 0.5%

It expects Asian economies to grow 5 per cent in 2019, the slowest rate since the global financial crisis

Sharon See

Published Wed, Oct 23, 2019 · 09:50 PM

Singapore

THE International Monetary Fund (IMF) on Wednesday cut its growth projection for Singapore to 0.5 per cent in 2019, down from an earlier estimate of 2 per cent in July, due to strong export headwinds and the downturn in the electronics cycle.

"Given Singapore's dependence on external trade, growth is projected to remain subdued at one per cent in 2020," Jonathan Ostry, deputy director for Asia and Pacific department at the IMF, said during a press conference in Singapore for the launch of its Asia-Pacific Economic Outlook.