SINGAPORE: Whereas Singapore was hit with the lowest degree of tariffs – 10 per cent – in sweeping new levies introduced by the USA, the impression shall be vital, mentioned Singapore Deputy Prime Minister Gan Kim Yong on Thursday (Apr 3).
“I feel our households and our companies must be ready for tough waters forward of us, and they’ll considerably impression our enterprise in addition to households,” mentioned Mr Gan, who can also be the commerce and trade minister.
“We’ll proceed to watch the scenario, and if mandatory, we’ll introduce extra measures to assist our households and our companies.”
In February, official forecasts put Singapore’s progress for 2025 at 1 to three per cent however it will now must be relooked, mentioned Mr Gan.
“We’re in the intervening time reassessing our financial forecast, and we might must make changes in time to come back,” he informed a media convention.
Senior Minister Lee Hsien Loong additionally warned that Singapore’s progress shall be affected by the US’ transfer.
“Our progress shall be damage, although it’s too early to inform by how a lot,” he mentioned in a Fb submit.
“Singaporeans and companies must be psychologically ready for tough climate forward.”
