{"id":115018,"date":"2020-03-20T11:53:15","date_gmt":"2020-03-20T04:53:15","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapores-economy-to-fall-by-0-5-this-year-dbs\/"},"modified":"2020-03-20T12:03:16","modified_gmt":"2020-03-20T05:03:16","slug":"singapores-economy-to-fall-by-0-5-this-year-dbs","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapores-economy-to-fall-by-0-5-this-year-dbs\/","title":{"rendered":"Singapore\u2019s economy to fall by 0.5% this year \u2013 DBS"},"content":{"rendered":"


\nTotal retrenchments are also expected to hit 24,500 this year.\u00a0
\nDBS Bank expects a 0.5% drop in Singapore\u2019s economy this year, instead of the 0.9% growth forecasted last month, reported The New Paper.
\nDBS Bank Economist Irvin Seah explained that the downgraded forecast might come with further downside risks, should the coronavirus outbreak worsen.
\nHe also said that total retrenchments are expected to hit 24,500 this year, which will be a little above the 23,430 recorded during the global financial crisis in 2009.
\n\u201cConsidering the chaotic situation in many parts of the world and the economic costs of those restrictive measures on trade, investment, consumption and travel, this is evolving into a \u2018self-induced\u2019 global recession.
\n\u201cBeing a small and open economy, Singapore will not be spared,\u201d Seah warned.
\nHe said a second stimulus package of up to $14 billion to $16 billion could be rolled out, funded by the remaining budget surplus for this term of government of about $7.7 billion, as well as an additional $6 billion to $8 billion from the reserves.
\nHowever, Seah also expects the Monetary Authority of Singapore will respond by potentially allowing the currency to weaken amid the risk to growth.
\nSingapore has also broadened its travel restrictions beyond China to include markets that accounted for about 69% of Singapore\u2019s total tourist arrivals last year.
\nThus, he expects a significant hit to tourism-related services and a weaker global demand for Singapore\u2019s exports and the manufacturing sector too.\u00a0
\nRead: Singaporeans are still optimistic with the current real estate climate, according to PropertyGuru\u2019s study
\nMeanwhile, Maybank Kim Eng Senior Economist Chua Hak Bin said Singapore\u2019s economy had already been dealt a huge blow due to the fall in demand and tourism, as well as supply chain disruption from China.
\n\u201cThat was the first shock. The second shock was the spread of the disease to Europe and the US, which are large consumer markets for Singapore,\u201d he said.
\n\u201cThe third shock is the spike in cases in Asean which is forcing some of our neighbours to impose partial lockdowns\u2026 If two of our closest neighbours are taking draconian measures that will affect their economies, ours will be affected as well.\u201d
\nSome economists, however, still expect the economy to grow over the year, at least for now.
\nFor instance, Khoon Goh, Head of Asia Research at ANZ in Singapore, said that the bank revised its calculation for GDP growth this year and anticipates it to contract by 0.6%.
\nOCBC Bank Chief Economist Selena Ling disclosed that the bank\u2019s latest expectation for Singapore\u2019s full-year GDP growth stands at 0.3%.
\nLastly, United Overseas Bank, maintains its growth forecast for this year at 0.5% despite further downside risks, according to the bank\u2019s economist Barnabas Gan.
\nLooking for a property in Singapore? Visit\u00a0PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\n\u00a0
\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\u2019s economy to fall by 0.5% this year \u2013 DBS<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Total retrenchments are also expected to hit 24,500 this year.\u00a0 DBS Bank expects a 0.5%...<\/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-115018","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-tV8","jetpack-related-posts":[{"id":101572,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-q3-economic-growth-disappoints\/","url_meta":{"origin":115018,"position":0},"title":"Singapore Q3 economic growth disappoints","date":"November 23, 2018","format":false,"excerpt":"\r There are concerns that the recent property cooling measures could weigh down on the real estate and construction sectors. Singapore\u2019s gross domestic product (GDP) rose by 3.0 percent quarter-on-quarter on a seasonally-adjusted and annualised basis in Q3 2018, surpassing the previous quarter\u2019s increase of 1.0 percent, reported the Business\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":115192,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mti-downgrades-2020-growth-forecast-as-q1-gdp-fell-by-2-2\/","url_meta":{"origin":115018,"position":1},"title":"MTI downgrades 2020 growth forecast as Q1 GDP fell by 2.2%","date":"March 27, 2020","format":false,"excerpt":"\r The revised growth forecast comes as MTI\u2019s advanced estimates showed that the economy contracted 2.2% year-on-year during the first quarter of 2020. The Ministry of Trade and Industry (MTI) has downgraded its 2020 GDP forecast to between -4% and -1% \u2013 a fall from the -0.5% to 1.5% range\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":117816,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapores-q2-gdp-wont-be-as-grim-with-the-inclusion-of-junes-reopening-economists\/","url_meta":{"origin":115018,"position":2},"title":"Singapore\u2019s Q2 GDP won't be as grim with the inclusion of June's reopening: economists","date":"July 15, 2020","format":false,"excerpt":"\r \u201cGiven that Phase 1 began in early June and Phase 2 started sooner than we thought on 19 June, this allowed businesses to reopen and it means that the June indicators, such as retail sales, will not be as bad as April and May\u201d,\u00a0said Jeff Ng, Senior Treasury Strategist\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":110074,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-attracted-8-1b-in-investments-despite-global-uncertainties\/","url_meta":{"origin":115018,"position":3},"title":"Singapore attracted $8.1b in investments despite global uncertainties","date":"August 21, 2019","format":false,"excerpt":"\r The figure already falls within The Economic Development Board\u2019s (EDB) $8 billion to $10 billion full year forecast and is also way higher compared to the $5.3 billion fixed asset investment (FAI) commitments posted over the same period last year. Singapore continued to attract investments even as its economy\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":109478,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapores-recovering-housing-market-a-boon-for-dbs\/","url_meta":{"origin":115018,"position":4},"title":"Singapore\u2019s recovering housing market a boon for DBS","date":"July 30, 2019","format":false,"excerpt":"\r DBS cited mortgage lending as a bright spot in their recently released second-quarter earnings as the b Mortgage-loan applications rose 60 per cent from the first three months of 2019. This is due to the resurging housing market.\u00a0 Benefitting from the city-state\u2019s resurging housing market, Singapore\u2019s biggest bank DBS\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":102872,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-cooling-measures-impact-bigger-than-expected\/","url_meta":{"origin":115018,"position":5},"title":"Property cooling measures\u2019 impact bigger than expected","date":"January 11, 2019","format":false,"excerpt":"\r DBS bank\u2019s property loans segment has dropped by 40 to 50 percent since the latest cooling measures were announced. The government\u2019s surprise property cooling measures in July 2018 had \u201cmore bite\u201d than anticipated, with DBS bank\u2019s property loans segment dropping by 40 to 50 percent \u2013 way below the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/115018"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=115018"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/115018\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=115018"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=115018"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=115018"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}