Singapore's economy headed for slowest pace of growth in six years, says DBS

GDP will contract in Q2.

Singapore’s 50th anniversary will be marred by extremely lacklustre economic growth, according to a new report by DBS.

Economist Irvin Seah warned that the republic’s economy is headed for its slowest pace of growth in 6 years, as uncertainties in the global economy and domestic restructuring continue to weigh on growth.

Seah expects Q2 GDP to contract by 2% quarter-on-quarter, compared to an expansion of 2.1% in the first quarter.
“We have revised down our 2015 growth forecast to 2.4% from 3.2%. This will be the slowest growth since the US / global financial crisis of 2008/09,” Seah said.

"The outlook for the year remains cloudy. Interest rate expectations will swing and currencies will be volatile given the risks in the global economy and the divergence in monetary policy directions. Domestic restructuring and the resulting labour shortage will weigh on growth. Beyond what we now expect will be the slowest growth in 6 years (2.4% in 2015), we have also cut our forecast for 2016 growth to 2.9%, from 3.5% previously,” he added.

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