Singapore's economy expanded at its slowest pace in a decade last year as i...
SINGAPORE - Singapore’s economy expanded at its slowest pace in a decade last year as its manufacturing sector contracted, preliminary data showed on Thursday, though fourth quarter data firmed expectations for a modest recovery in 2020.
Gross domestic product grew 0.7% in 2019, the slowest annual pace since 2009 and down from 3.1% in 2018. Authorities expect growth of between 0.5% to 2.5% this year, while Singapore’s biggest bank DBS is forecasting a 1.4% expansion. “The government is going to roll out the fiscal budget next month and this will likely be very generous,” he added, citing surpluses accumulated in recent years and upcoming elections, which must be held by early 2021 at the latest.
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