The Government is “not expecting a full-year recession at this point”, Deputy Prime Minister Heng Swee Keat said on Friday (July 12), but economists are warning that there is a high likelihood of a technical recession ahead.

Trade and Industry Minister Chan Chun Sing said that segments such as electronics, precision engineering and wholesale trade have weakened and “will need to adjust”, while service-oriented sectors such as infocomms and education, health and social services continue to hold up well.

Mr Heng, who is also Finance Minister, was responding to the latest advance economic growth estimates put out by the Ministry of Trade and Industry (MTI) the same day, which showed the Singapore economy recording a disappointing 0.1 per cent year-on-year growth in the second quarter.

Abstract from TodayOnline published July 12 2019. Read more…