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Investing.com -- Singapore’s economic growth is expected to slow in the second half of 2024 despite stronger-than-expected first-half performance, according to Monetary Authority of Singapore (MAS) managing director Chia Der Jiun.
Speaking Tuesday during the central bank’s annual report release, Chia cited uncertainties over tariffs as a key factor in the anticipated slowdown, which aligns with MAS expectations of weaker global economic activity and reduced external demand.
"There is a range of possibilities around the extent and scope of tariffs, whether trade agreements are concluded and prove to be durable, and whether escalating trade conflicts recur," Chia said.
On Monday, Singapore reported preliminary second-quarter growth of 4.3% year-over-year, which was attributed to front-loading of exports during a pause in U.S. tariffs.
The city-state’s trade ministry had previously downgraded its 2025 GDP forecast in April to a range of 0% to 2%, reduced from the earlier projection of 1% to 3%.
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