MAS reveals reasons behind Singapore’s slow economic growth
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Singapore economic growth has taken a hit with the slowdown in the economies of its trading partners, the ASEAN countries\n

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MAS reveals reasons behind Singapore’s slow economic growth

The recent slowdown in the economies of its trading partners has been the main cause

of Singapore’s slow economic growth. Despite sombre growth projection for next year, the trade

patterns that are emerging within the ASEAN countries point to greater growth possibilities for the

Asian country. Singapore’s Central Bank is pushing businesses to grab the opportunities that would

be presented before them as a consequence of the opening up of new business avenues. In

addition to the economic push by the bank, the release of the Macroeconomic Review October 2015

by the Monetary Authority of Singapore (MAS) sheds light on the world’s economic condition and its

effects on the country’s economy.

Apart from highlighting the intensification of “regional headwinds” in the report, MAS also makes

known through its review the growth projection for the country this year. "On balance, the Singapore

economy is expected to see growth of 2-2.5% in 2015, with risks tilted to the downside." MAS report

reveals. Moreover, the report says that even though Japan, Eurozone and United States may

provide stability to the market in the coming time period, the country cannot totally depend on the

US economy for its recovery.

Some of the regional challenges that the country faces stem mainly from the slowdown in the

economies of its trading partners – China, Malaysia and Indonesia. According to MAS, the total

imports into these countries have seen a contraction of about 16% since the beginning of 2015. The

slowdown in these countries have affected the country’s economy in the sense that together the trio

represents a third of the country’s total exports as well as tourism related demands.

Singapore’s other trading partners alongside Vietnam, the report says, are going to power

Singapore’s growth during the middle period. In addition to highlighting Laos, Vietnam, Myanmar

and Cambodia’s roles in powering the country’s exports, the MAS report also makes known the fact

that "Singapore also has to respond to the ongoing changes in global supply chains". The Monetary

Authority of Singapore calls for the strengthening of economic ties among the ASEAN countries to

encourage greater trade and development in Singapore. As a consequence, the country’s domestic

wholesalers and exporters would benefit considerably from this economic integration.

At the same time, according to MAS, it would herald abundant growth opportunities for not only

Singapore exporters but also exporters of the other ASEAN countries.

To Know More on MAS, Click Below: