Economics
Warning Shot to World Economy as Singapore Slumps, China Exports Drop
- Singapore’s trade-reliant economy contracts annualized 3.4%
- China exports decline 1.3%, imports plunge 7.3%, data shows
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An unexpected contraction in Singapore’s economy and a slump in China’s exports sent a warning shot to the world economy as simmering trade tensions wilt business confidence and activity.
Gross domestic product in export-reliant Singapore shrank an annualized 3.4% in the second quarter from the previous three months, the biggest decline since 2012. China trade figures showed exports fell 1.3% in June from a year ago and imports shrank a more-than-expected 7.3%.