{"id":111020,"date":"2019-09-24T11:00:17","date_gmt":"2019-09-24T04:00:17","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-could-come-off-worse-in-next-global-downturn\/"},"modified":"2019-09-24T11:02:59","modified_gmt":"2019-09-24T04:02:59","slug":"singapore-could-come-off-worse-in-next-global-downturn","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-could-come-off-worse-in-next-global-downturn\/","title":{"rendered":"Singapore could come off worse in next global downturn"},"content":{"rendered":"


\nThis comes as four of the five factors that had protected the city-state during the Great Financial Crisis have weakened.
\nSingapore could be far worse than its regional neighbours when the next global downturn hits.
\nThis comes as four of the five factors that had protected the city-state during the Great Financial Crisis have weakened, reported Singapore Business Review citing a Bain report.
\n\u201cThe last global recession has hit Singapore harder than most peers with the change in real GDP,\u201d said Bain.
\nSingapore\u2019s GDP growth in 2006 stood at about nine percent. But like most regional peers, this declined to around three percent in 2018 on the back of the uncertain macroeconomic environment. The present account balance as a share of GDP also fell to about 18 percent in 2018 from 25 percent in 2006.
\nCommodities contribution also went down, rendering Singapore more vulnerable to economic shocks.
\n\u201cCurrent commodity contribution to GDP is lower than in 2006. Singapore is less impacted as contribution remains relatively low,\u201d noted Bain in the report. \u201cThis reduced ability to cushion will be likely further impacted by the already declining commodity prices. This decline in prices is true too for Singapore\u2019s top commodities.\u201d
\nSingapore has also become increasingly dependent on China \u2013 the growth rates of which have sharply declined. The city-state\u2019s exports to the world\u2019s second-biggest economy steadily grew from two percent in 1990 to 10 percent in 2006 to 12 percent last year.
\nIn a separate report, Moody\u2019s listed Singapore as the third most vulnerable country in the Asia Pacific to Chinese trade decline \u2013 behind Hong Kong and Mongolia.
\nPrivate sector debt as a percentage of GDP also exceeded developed market levels to reach 169 percent in 2018 from 112 percent in 2006.
\nComparatively, the OECD average only stands at 156 percent.
\nLooking to buy a Singapore home but not sure where to start? Get insight on the best locations for your new home with our\u00a0AreaInsider\u00a0Guides.
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Singapore could come off worse in next global downturn<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

This comes as four of the five factors that had protected the city-state during the...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-111020","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-sSE","jetpack-related-posts":[{"id":117800,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-enters-recession-after-gdp-contracts-12-6-in-q2\/","url_meta":{"origin":111020,"position":0},"title":"Singapore enters recession after GDP contracts 12.6% in Q2","date":"July 14, 2020","format":false,"excerpt":"\r On a quarter-on-quarter seasonally-adjusted annualised basis, the economy shrank 41.2% in Q2 2020. 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