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Sluggish private consumption to worsen as property prices slip further
The economy is in for a rough year.
A continuing weakness in the residential property market is expected to exacerbate the country’s stagnant private consumption.
According to HSBC, private consumption is expected to be a slight drag on growth, which can be worsened by an anticipated 5-10% decline in property prices in 2015.
However, this can be offset which can be offset by increased government spending brought about by Singapore’s 50th anniversary.
Public infrastructure projects may also help, while non-oil domestic exports and net export growth are also expected to improve marginally.
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