Singapore economy braces for a more turbulent period: DPM Tharman
Growth in the second half may fall lower beyond 1-2% range.
For Singapore Deputy Prime Minister Tharman Shanmugaratnam, the city-state's economy is in for a tough period, with concerns over Brexit and weakening global demand weighing down economic growth forecast to 1-2%.
Speaking to reporters, the deputy prime minister said, "We've had some growth at the start but the second half will be weaker - in the lower half of the 1 percent to 2 percent range."
A central bank survey revealed that economists and experts expect Singapore's trade-dependent economy to grow 1.8% this year.
"First, structurally, we are now in the new mode of growth. We can't keep growing by increasing manpower. We have to get productivity up. But even if things go well in Singapore, structurally we are talking about normal growth being 2 to 3 per cent – which is relatively good if we go by the standards of most developed economies," Tharman was quoted saying according to reports.
He noted that the cyclical winds affecting the growth of the city-state is partly because of the restructuring in China and some sector-specific factors.
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