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Singapore’s Deputy Prime Minister and Trade Minister, Gan Kim Yong, stated on Wednesday that the country cannot rule out a recession in 2025 due to uncertainties caused by US tariffs.
He addressed a news conference to express concerns about the potential downside risks to Singapore’s economy.
On Monday, the trade ministry adjusted its economic growth forecast for Singapore, predicting a growth range of zero to 2.0 percent for 2025, down from the previous estimate of 1 to 3 percent.
The revised forecast reflects the impact of US tariffs on global trade dynamics and their potential influence on Singapore’s economy.
