After a turbulent year defined by geopolitical tensions and tariffs, Singapore’s economy came through relatively unscathed. Yet the city-state — widely seen as a bellwether for global trade — has warned that the worst is yet to come.
“Despite mounting stresses, the global economy proved more resilient than anticipated and the system continued to function,” Singapore’s Prime Minister Lawrence Wong said during his budget speech this week. “This year, however, we may not be so fortunate.”
As one of the world’s most outwardly facing economies, Singapore is especially susceptible to disruption to global trade. The finance, commerce and shipping hub acts as a vital conduit, connecting China with the west, and has been one of the biggest beneficiaries of the era of globalisation.