Singapore Growth to Remain Weak Amid Global Risks, IMF Says
Singapore’s economic growth will likely remain weak, weighed down by subdued global demand and a downturn in the electronics cycle, according to the International Monetary Fund.
Across the region, uncertainty about U.S.-China trade tensions and oil prices remain the biggest risks, Jonathan Ostry, deputy director of the Asia Pacific department, said at a joint conference hosted by the IMF and the Monetary Authority of Singapore on Wednesday.
The IMF last week lowered Singapore’s growth forecast for this year to 0.5% and estimates expansion of 1% in 2020.
These are highlights from some of the other speakers at the event:
Edward Robinson, MAS chief economist:
- Infrastructure spending in Southeast Asia expected to rise next year
- There’s scope for targeted fiscal spending to enhance infrastructure
Choy Keen Meng, MAS executive director:
- Asian policy makers have pragmatically come up with instruments, frameworks to deal with foreign exchange and capital flow volatility
- Authorities need to have structural defenses against volatility, something Asian economies have done well to build since the Asian financial crisis
©2019 Bloomberg L.P.