Singapore dodged the current recession battle, but is it winning the war?

Another storm is brewing for the island nation.

The city-state may have dodged the technical recession bullet due to a precarious 0.1% qoq growth, but it still remains in the throes of a gloomy economic outlook.

According to analysts from DBS, Singapore’s non-oil domestic export (NODX) growth for September is expected to disappoint and will likely add to the country’s woes.

“The headline number is expected to register a decline of 3.9% (YoY),” DBS said.

A disappointing NODX growth is usually not a good sign for an economy that is dependent on trade, DBS says.

“Total trade is about 2.5x of GDP while total exports (including re-exports) are 1.3x of GDP. In fact, the value of NODX in the first eight months of the year grew just a mere 1.3% compared to the same period last year,” DBS said.

As goes external demand, so goes growth and Singapore, they said.

“So, absence of a strong rebound in the global economy in the nearterm, export and growth performance will remain lacklustre,” they added.

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