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The Ministry of Trade and Industry (MTI) downgraded Singapore's economic growth forecast for 2025 to zero to two per cent, citing the current US-China tariff war as a major risk to growth. In February, Singapore's gross domestic product (GDP) was forecast tUS-China tariff war a major risk: Singapore slashes GDP forecast for 2025 to 0 to 2%
The Ministry of Trade and Industry (MTI) downgraded Singapore's economic growth forecast for 2025 to zero to two per cent, citing the current US-China tariff war as a major risk to growth. In February, Singapore's gross domestic product (GDP) was forecast to be one to three per cent, where uncertainties due to the then-new US administration and easing of trade with China and the US had been factored in. But the imposition of sweeping tariffs by US president Donald Trump on April 5 has led to the latest downgrade. «Although there has been a temporary 90-day pause in the implementation of the higher reciprocal tariffs except for China, the tariff war between the US and China has intensified, with an escalating cycle of tit-for-tat tariffs being imposed by both sides,» the ministry said in a statement released on Monday (April 14). MTI also expects more product-specific tariffs to be imposed in the near future, which would increase the impact of the trade war. Read more