Escalating trade tensions between the United States and China have hit global manufacturing, trade and investment which, in turn, has slowed overall growth here, said Monetary Authority of Singapore managing director Ravi Menon.
Global trade volumes fell between October and March, while investments have suffered from weakening business confidence, Mr Menon said, adding that manufacturing is in a downturn, with output contracting in about half of Asian economies, including Singapore. "But the strength of this pickup, given the softer external environment and ongoing trade conflict, is unlikely to offset the weakness in the first half."
The economy grew by 1.2 per cent in the first three months of this year, compared with 4.6 per cent in the same period last year, according to a ministry statement last month. Mr Menon also addressed recent media assertions that Singapore is gaining from uncertainty in Hong Kong as residents protest against a controversial extradition Bill.
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