TheJakartaPost

Please Update your browser

Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.

Jakarta Post

Singapore hasn’t entered recession yet, minister says

  • Michelle Jamrisko

    Bloomberg

Singapore   /   Thu, October 3, 2019   /   01:50 pm
Singapore hasn’t entered recession yet, minister says Indonesia ranks second after China as the largest contributor of tourists visiting Singapore. (Shutterstock/Richie Chan)

Singapore’s economy probably hasn’t slid into recession yet, though the government is monitoring conditions closely and will step in with support measures if needed, said Indranee Rajah, minister in the Prime Minister’s Office.

“We’re not new to difficult economic situations, we’re not new to recessions,” Rajah, who is also Singapore’s second minister for finance and for education, said in an interview Thursday with Bloomberg Television’s Juliette Saly. “We don’t think we’ve gone into a recession as yet, but we’re keeping a very close eye on it.”

Export-reliant Singapore has acutely felt the pressures of the US-China trade war, with officials lowering 2019 growth forecasts almost to zero after the economy contracted an annualized 3.3 percent in the second quarter from the previous three months. Third-quarter figures are due this month.

“If there is a need to, and the government needs to step in with assistance, we will do so,” Rajah said. “If we need some safety nets and buffers, then our agencies will have to step in.”

With an election looming in the country, Rajah said Singapore needs a government that can provide stability, grow the economy, focus on jobs and build a nation for the future.