Singapore braces for globalisation backlash as trade fears grow

(Nov 24): Singapore, on track to post its worst economic performance since the 2009 global financial crisis this year, is bracing for more uncertainty as rising protectionism poses risks for the export-dependent nation.

While the government is forecasting economic growth of as much as 3% in 2017 -- double the maximum it sees for this year -- the city-state faces mounting global concerns that could affect trade, including financial market volatility following the UK’s vote to leave the European Union, the threat of debt defaults in China and the aftermath of the US election.

“Political risks and uncertainties have risen, and could in turn lead to greater economic uncertainties,” Loh Khum Yean, permanent secretary at the Ministry of Trade and Industry, told reporters in Singapore. “An increasing backlash against globalisation could further dampen global trade, which is already weak.”

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