The awful data from SG is here a little earlier:
Following up now with a little more detail … the news doesn’t get any better:
- slowest annual growth in 10 years
- shrunk over the quarter
- manufacturing contracted 3.8% y/y (Q1 was -0.4%)
This is likely to see SG lower GDP forecasts ahead and ease monetary policy. now, for those paying attention, you’ll know that Singapore conduct its monetary policy not through adjust interest rates but by adjusting the SGD exchange rate (the next MAS policy statement and potential change comes in October).
It’ll be interesting hearing SG authorities explain to you-know-who (that twitter guy – AKA as US President Trump) why they are adjusting their exchange rate policy ….