http://business.asiaone.com/news/singap ... -1-15-year
SINGAPORE - Singapore downgraded its forecasts on economic growth and exports for 2016 after confirming a contraction in output in the third quarter, raising the risk of a recession amid fresh uncertainty around global trade under U.S. President-elect Donald Trump.
The trade-reliant economy is expected to grow 1.0-1.5 percent this year, compared with the previous projection of 1.0-2.0 percent, the Ministry of Trade and Industry said in a statement on Thursday.
The economy shrank 2.0 percent in the July-September period from the previous three months on an annualised and seasonally adjusted basis, the ministry said.
That compared with the government's initial estimate on Oct. 14 of a 4.1 percent contraction and a median forecast of a 2.5 percent slump in a Reuters' poll.
The affluent city-state's economy has been hobbled by dwindling exports amid stubbornly weak global demand, while domestic consumption has also remained anaemic with entire floors at some central shopping malls empty.