, Singapore

Profit predictions for Singapore-listed firms are falling at a super fast rate

2017 forecasts have dropped by 4% on average.

As a regional centre for trade, oil services and wealth management, Singapore's $300 billion economy punches above its weight and serves as a barometer for Asia's other export dependent economies.

China's slowdown has hit the city-state's manufacturers and shippers, the slump in commodity markets is weighing on its oil and gas sector, while a rise in bad debts and a regulatory crackdown has hurt its financial services industry.

The result: earnings forecasts for Singapore-listed companies are falling at among the fastest rates in the world.

Projections for next year's net income have come off by 4% on average over the past three months versus a 0.2% fall for the rest of Asia Pacific, according to data from Thomson Reuters.

Companies are also struggling with debt burdens that have ballooned since the financial crisis, even as bottom lines have shrunk.

While net incomes are down almost 40% since June 2008, net debt has more than doubled, according to Thomson Reuters data, as commodity markets boomed and companies took advantage of cheap credit.

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