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IMF lowers its projection for Singapore's economic growth to 2%

16 July 2019 15:25

SINGAPORE. International Monetary Fund (IMF) has lowered its projection for Singapore's economic growth in 2019 to 2%.

This Washington-based lending institution lowered its projection following the global trade war that reduced exports from the country.

As reported by Reuters, Singapore's economy only grew by 0.1% in the second quarter of 2019. This achievement was the lowest achievement in the last decade.

"Given global trade tensions, support from the external sector is expected to decline so that demand from the domestic market will again be a driver of Singapore's growth," the IMF wrote in a report as quoted by kontan.co.id.

"Risks to the prospect of a decline mainly come from external sources, including tightening global financial policies, increasing trade tensions and slowing global growth," the report continued.

Meanwhile, the Singapore central bank estimates that economic growth this year will be between 1.5% and 2.5%. Much lower than last year's realization which was as high as 3.2%. (AM/AR)

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