The country continues to attract good investments, and this reflects the confidence that investors have in its long-term value proposition, he added.
Risks may also arise from uncertainties in Hong Kong, the trade dispute between Japan and South Korea, as well as tensions in North Korea and the Strait of Hormuz, he added. But he stressed that there remain areas of strength such as the aerospace and food and beverage manufacturing segments, as well as the information and communications, and finance and insurance sectors.
"The lower-than-expected shift in the official forecast reflects the potential downside risk to growth, given the possibility of further trade actions from US President Donald Trump," said DBS senior economist Irvin Seah, referring to Washington's recent threat of additional 10 per cent tariffs on its remaining US$300 billion of Chinese imports come Sept 1.
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