Bad news for retailers: Sales to continue downtrend
OCBC says Singapore will not be immune from a corresponding fall in global risk appetite.
OCBC Investment Research said:
With the weakening of equity markets in Apr and exacerbation of the European debt situation by Greece, we expect the downtrend of retails sales to persist as consumers continue to tighten up.
Should a Greek exit from the Eurozone materialize, market confidence will naturally be adversely affected as the contagion effects spread to other Eurozone economies.
Singapore will not be immune from a corresponding fall in global risk appetite and growth could come in at the low end of the official 1-3% forecast.