Things aren't looking so good for Singapore in the upcoming months, as the city-state gets ready to face a prolonged period of low economic growth.
Earnings forecasts for Singapore-listed companies are dropping — and fast among the fastest rates in the world, reported Reuters. Data from Thomson Reuters reveals projections for next year's net income to come off by 4 percent on average over the last three months, while the rest of Asia Pacific are only encountering a 0.2 percent fall.
China's deepening economic slowdown is affecting Singapore's manufacturers and shippers. Slump in commodity markets lean heavily on Singapore's oil and gas sector. Rise in bad debts and the Ministry of Finance's crackdown have hurt the banking industry.