Singapore economy heads for its worst downturn since 2008

Global concerns could dampen 3% growth forecast next year.

Singapore, on track to post its worst economic performance since the 2009 global financial crisis this year, is bracing for more uncertainty as rising protectionism poses risks for the export-dependent nation.

While the government is forecasting economic growth of as much as 3 percent in 2017 -- double the maximum it sees for this year -- the city-state faces mounting global concerns that could affect trade, including financial market volatility following the U.K.’s vote to leave the European Union, the threat of debt defaults in China and the aftermath of the U.S. election.

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