-
Important news
-
News
-
Shenzhen
-
China
-
World
-
Opinion
-
Sports
-
Kaleidoscope
-
Photo Highlights
-
Business
-
Markets
-
Business/Markets
-
World Economy
-
Speak Shenzhen
-
Leisure Highlights
-
Culture
-
Travel
-
Entertainment
-
Digital Paper
-
In depth
-
Weekend
-
Lifestyle
-
Diversions
-
Movies
-
Hotels
-
Special Report
-
Yes Teens
-
News Picks
-
Tech and Science
-
Glamour
-
Campus
-
Budding Writers
-
Fun
-
Futian Today
-
Advertorial
-
CHTF Special
-
FOCUS
-
Guide
-
Nanshan
-
Hit Bravo
-
People
-
Person of the week
-
Majors Forum
-
Shopping
-
Investment
-
Tech and Vogue
-
Junior Journalist Program
-
Currency Focus
-
Food Drink
-
Restaurants
-
Yearend Review
-
QINGDAO TODAY
在线翻译:
szdaily -> World Economy -> 
Singapore woes ring alarm bells
    2019-07-23  08:53    Shenzhen Daily

A PLUNGE in exports and the worst growth rates for a decade have fuelled concerns about the outlook for Singapore’s economy, with analysts saying the figures offer a warning that Asia is heading for a slowdown as China-U.S. tensions bite.

While Singapore may be one of the smallest countries in the world, the export hub is highly sensitive to external shocks and has long been viewed as a barometer of the global demand for goods and services.

The country is highly dependent on trade and has traditionally been one of the first places in Asia to be hit during global downturns — with ripples typically spreading out across the region.

The latest signs are not good. In June, exports collapsed 17.3 percent from a year earlier, the fastest decline in more than six years, led by a fall in shipments of computer chips.

That followed a shock 3.4 percent quarter-on-quarter contraction in GDP in the second quarter. Year-on-year growth came in at just 0.1 percent, the slowest pace since 2009 during the global financial crisis.

“Singapore is the canary in the coal mine,” said Song Seng Wun, a regional economist with CIMB Private Banking. “And what it tells us is that it is a tough environment.”

To warn of danger, miners used to bring caged canaries underground with them as the birds would die in the presence of even a small amount of poisonous gas — signalling to workers that they should make a swift exit.

While steadily weakening growth in China is partly to blame for a slowdown in exports, analysts say the trade war between the United States and China, the world’s two biggest economies, has dramatically worsened the situation.

While Singapore, a transit point for products heading to and from Western markets as well as the Asian base for manufacturers of some hi-tech goods, may be showing the strain most, negative data have emerged throughout the region. (SD-Agencies)

深圳报业集团版权所有, 未经授权禁止复制; Copyright 2010, All Rights Reserved.
Shenzhen Daily E-mail:szdaily@szszd.com.cn