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Singapore has already seen a reduction in business investment in the midst of impending trade wars.
Finance Minister Heng Swee Keat thinks that Singapore may need to consider its economic growth plans for 2019 due to escalating trade tensions between the United States and China that has fueled the economy. uncertainty of business investment.
"In the short term, the impact is not yet fully felt," Heng said in an interview with Bloomberg Television. "But any trade tension that slows down globalization will come down to 2.5% to 3.5% for everyone, including the countries directly involved, but also the collateral damage in all economies."
Heng acknowledged that the Lions town had already witnessed the effects of the trade war by increasing uncertainty and reducing business investment, noting that next year's situation will depend on how it evolves in the coming months.
The diminished "global production frontier" could allow a protracted trade war to severely disrupt the global supply chain, hitting countries facing long-term growth challenges, the minister said.
"Our priority areas remain economic restructuring," said Heng. "The other big area concerns infrastructure development", urbanization being a major trend in Asia.
Here is more of Bloomberg.
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