On the ongoing US-China trade conflict, increased protectionism will likely weigh on Singapore's export-oriented manufacturing sector as business confidence wanes and firms adopt a cautious approach, said Fitch Solutions.
"Real growth in the manufacturing sector is already decelerating, slowing to 8.6 per cent year on year in the second quarter from 9.7 per cent in the first quarter," said the firm. "This has already weighed on loan demand by manufacturers, with growth in credit to manufacturers slowing substantially to 1.6 per cent year on year in June 2018, from a peak of 11.1 per cent year on year in September 2017."
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