facebookWill Singapore hit a recession soon from the ongoing trade war? - Seedly

Huang Yixuan

Person at Seedly Community

06 Jun 2019

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Will Singapore hit a recession soon from the ongoing trade war?

Read a news article about it... should we be worried?

Discussion (1)

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HC Tang

06 Jun 2019

Financial Enthusiast, Budgeting at The Society

Yes:
https://www.todayonline.com/singapore/trade-war...

" In the meantime, Singapore’s domestic demand, which includes household spending and the construction industry, has remained resilient and could offset the fall in trade. The construction sector will be held up by ongoing public infrastructure projects such as the 21.5km North-South Corridor by the Land Transport Authority. However, the growth of residential construction activities has eased, and demand for durable goods such as motor vehicles has weakened.

The Monetary Authority of Singapore could remove the appreciation bias of its S$NEER, a trade-weighted basket of currencies against the Singapore dollar, ICAEW predicted. "

In short, we could :

1) Increase domestic spending

2) Use S$NEER to control SGD level against other currency to control our export / import economy to ensure stablity.

Since worry is not helping and we ourselves can't do much.

Suggest for one could:

1) Try to save more emergency funds,

2) Relocated investment into safe / guaranteed but lower yield investment for the time being

3) Upgrade own knowledge and skillsets

4) Cut or reduce unneceesary wastage and spending / luxury spending

5) Stay resiliant and focus!

We will definitely be affected but as always, we'll always do our best to ride to any storms and succeed because we are always Survivors!

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