Singapore is on high alert as Deputy Prime Minister Gan Kim Yong warns of a potential recession in 2025, attributing the risk to U.S. President Donald Trump’s sweeping tariffs.
Despite facing a 10% baseline tariff, Singapore’s export-driven economy is feeling the strain, with supply chains disrupted and orders cancelled or deferred.
In response, the government has established an eight-member economic resilience taskforce to support affected businesses and workers.
The Ministry of Trade and Industry has downgraded the nation’s GDP growth forecast for 2025 from 1–3% to 0–2%.
Prime Minister Lawrence Wong emphasised that these tariffs are reshaping global trade, creating uncertainty that hampers long-term investment planning.
