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.
