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Home World Asia Pacific

Singapore downgrades 2025 GDP growth forecast to 0 to 2%, citing impact of Trump tariffs on global trade

13 April 2025
in Asia Pacific
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Singapore downgrades 2025 GDP growth forecast to 0 to 2%, citing impact of Trump tariffs on global trade
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SINGAPORE has downgraded its GDP growth forecast for 2025 to 0-2% due to the impact of US tariffs, as the Ministry of Trade and Industry (MTI) highlighted global trade disruptions stemming from the US-China trade war. The economy grew 3.8% year-on-year in Q1 2025 but contracted by 0.8% quarter-on-quarter, with external factors dampening business and consumer sentiment. MTI warned of substantial risks including potential recession, increased costs, and disruptions to global supply chains.

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Tags: CitingdowngradesforecastGDPglobalgrowthImpactMTISingaporeSingapore economyTariffstradeTrump
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