Singapore GDP growth to slow to 2.4% in 2019: report

Singapore

SINGAPORE'S gross domestic product (GDP) growth in 2019 is expected to slow to 2.4 per cent "against a more challenging environment for exports and the manufacturing sector", down from 3.2 per cent in 2018, said the Institute of Chartered Accountants in England and Wales (ICAEW) in a report on Monday.

This is in line with easing growth across South-east Asia, as exports slow amid increased trade protectionism and lower Chinese import demand, said ICAEW. It said regional growth is expected at 4.8 per cent in 2019 and 4.7 per cent in 2020, down from 5.1 per cent in 2018. Said ICAEW economic adviser and Oxford Economics lead Asia economist Sian Fenner: "Looking ahead, we expect the risks to the region's economic outlook to be primarily to the downside."