SINGAPORE - Singapore is cautiously optimistic about its economic growth prospects in the year ahead, but several uncertainties remain in the global economy, Trade and Industry Minister Chan Chun Sing told Parliament on Monday .
He was responding to Mr Saktiandi Supaat who asked about the impact of the phase one deal on Singapore's economy, as well as the impact of declining local exports on businesses and employees here. Mr Chan noted that the UK will be functionally treated as an EU member state and remain a party to the EU's international agreements, including the EU-Singapore Free Trade Agreement which came into force in November last year, until at least the end of 2020.
Last year was a volatile year for the global economy and Singapore, as a small and open economy, was affected by macroeconomic conditions. Advance estimates released last Thursday show that Singapore's economy grew by 0.7 per cent in 2019, slower than 2018's 3.1 per cent expansion.
Source: News Formal (newsformal.com)
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