Singapore's economic growth will fall below expectations this year, DBS Bank ( Valuation: None, Fundamental: None) says, reducing its own prediction to 1.8% from 2.4%.
The new DBS estimate is below the government's projection of growth between 2.0% and 2.5% in 2015.
"External headwinds have intensified amid the uncertainties in the global environment," DBS says.
It points to the risks surrounding the eventual US rate rise, a cloudy Eurozone outlook and the deceleration in China that are expected to stoke risk aversion in global financial markets.
Such negative factors are expected to weigh down on Singapore's growth outlook, DBS says.
"Singapore will be akin to a small boat in rough seas."
Singapore's GDP grew 1.8% on-year in the second quarter, slower than 2.8% in the first.
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The new DBS estimate is below the government's projection of growth between 2.0% and 2.5% in 2015.
"External headwinds have intensified amid the uncertainties in the global environment," DBS says.
It points to the risks surrounding the eventual US rate rise, a cloudy Eurozone outlook and the deceleration in China that are expected to stoke risk aversion in global financial markets.
Such negative factors are expected to weigh down on Singapore's growth outlook, DBS says.
"Singapore will be akin to a small boat in rough seas."
Singapore's GDP grew 1.8% on-year in the second quarter, slower than 2.8% in the first.
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