Dear Valued Clients,
Welcome to our E-Newsletter May 2019
On the economy front, the uncertainties in the United States’ monetary policies, China’s economic slowdown, as well as the rising trade tension between the United State and China have affected the global economy.
Singaporean Economic Performance at One Glance
The Monetary Authority of Singapore (“MAS”) has recently predicted that Singapore’s economic outlook will continue to be clouded due to subdued global growth. According to MAS’s latest macroeconomic review released on April 26, Singapore’s economic growth (gross domestic product (GDP) growth) in 2019 is projected to be below the mid-point of 1.5 to 3.5% forecast range, a step-down from the 3.2% growth in 2018.
According to the advance estimation by the Ministry of Trade and Industry released on April 12, the Singaporean economy grew by 1.3% on a year-on-year basis in Q1 of 2019, moderating from the 1.9% growth in the Q4 of 2018. The manufacturing sector has seen a decline in growth by 1.9% on a year-on-year basis in Q1, a reversal from the 5.1% growth in Q4 2018. The contraction in economic growth was caused by the subdued prospects for global growth, which has weighed on the externally oriented segments in Singapore. Experts have predicted that given the external challenges, the Singapore economy will have to turn towards domestic drivers for economic growth in 2019.
In the global context, our world is increasingly defined by disruptive changes, be it in global governance or trade rules, which have brought in more uncertainty at different levels. However, these changing trends have made companies like ours to remain vigilant and alert towards challenges ahead. 3E Accounting has been very agile in constantly adapting the business and address challenges.
With many years of a successful presence in Singapore, we will continue to be guided by our values. As our aim is to remain a beacon for good practice, while being a reliable partner in addressing and being part of the solution to rising challenges, we will work with all our staff, customers, and business partners to ensure the top quality services. I believe that with their sustained support, we are moving forward to the bright future with great confidence!
Read More in our E-Newsletter May 2019.