Coupled with ongoing restructuring pains.
Singapore will have to settle for sub-par growth this year on back of poor external demand and the ongoing domestic restructuring crunch, according to a report by BMI.
In particular, with the China faltering and other major players such as Indonesia and Thailand failing to reverse their own cooling economies, Singapore faces an increasingly difficult external outlook.
BMI Research noted that Chinese demand is unlikely to recover any time soon as the mainland grapples with significant overcapacity, a high debt load, and financial market instability.
Over in the Pacific, while the US economy has been somewhat resilient in the face of a deteriorating global growth environment over recent years, we are witnessing incipient signs of a slowdown.
“Singapore will remain mired in a slow growth environment over the near future as external and domestic factors continue to act as a drag on economic activity,” said BMI Research.
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