Is the number of companies filing for liquidation in Singapore constant with GDP growth?

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The number of businesses in Singapore that registered to be struck off the register in December 2015 outnumbered the figure for newly incorporated companies by the largest margin since 2005.
Almost 7,122 companies permanently closed in 2015, compared with 4,758 incorporations according to the statistics department. Mr Joseph Incalcaterra from the HSBC describes the move as a warning that harder times are ahead, stating it as a signal for a weaker services output in the first half of 2016.

This comes after the Ministry of Trade and Industry for Singapore announced that the economy expanded by over 2% though out the year in 2015, in line with the Government’s official growth forecast and surpassing forecasters’ expectations.

The Government had forecast the growth for 2015 to have an overall GDP growth of almost 2%, while the Analysts from the private sector had predicted growth to be closer to 1.8%, as per the polling and tax officials.

During the last quarter of 2015, the economy expanded by 2%, slightly faster than the growth from the previous quarter. On a seasonally-adjusted annual basis, GDP grew by 5.7% in the fourth quarter, a large growth from the 1.7% growth in the previous quarter.