It’s no secret that Singapore is a strong economy with promising growth potential, finding that the end of the second quarter’s growth for 2015, were greater than expectations.
According to the data released by the Ministry of Trade and Industry (MTI), the economy grew 1.8% however was expected to grow 1.7%.
However, the slowing growth of China and the uneven global economic recovery has been under consideration and the Ministry decided to narrow its growth forecast for the Singapore economy this year. As it was previously expected to grow from 2 to 4%, with the factors that MTI is considering, the expected growth is between 2 and 2.5%.
The performance of the global economy in the first half of the year was weaker than expected, with MTI keeping a close eye on the figures to ensure Singapore’s economy will not be harmed in any way.