0753 GMT - Singapore has avoided the worst of U.S. tariffs, but its heavy reliance on global trade and growth leaves the economy vulnerable, ING says. It cuts Singapore's 2025 growth forecast by 100 bps to 1.6%, expecting tariffs to reduce exports by 0.7% of GDP. The impact on GDP growth will be larger, as the second-round effects affect other parts of the economy, especially manufacturing and employment, ING's Deepali Bhargava says. Manufacturing was weaker than expected in 1Q, likely to stay that way throughout the year and could spill over into services, she adds. The interconnectedness of Singapore's economy with global supply chains amplifies the risks that it faces, she says, and outward-oriented services sectors, such as finance & insurance, could slow as external demand softens. (fabiana.negrinochoa@wsj.com)
(END) Dow Jones Newswires
May 01, 2025 03:53 ET (07:53 GMT)
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