Bellwether Singapore warns of poor global outlook

Singapore | Singapore’s central bank expects economic growth across the world to slow this year as aggressive interest rate rises finally start to bite and lingering inflation crimps consumer demand.

Singapore’s economy, which is highly reliant on trade, grew just 0.1 per cent year-on-year in the first three months of the year, according to preliminary data released this month. The result prompted economists to downgrade their forecasts, and some warned that the city-state, long regarded as a bellwether for the global economy, could suffer a technical recession.