What Happened: Singapore has reduced its annual gross domestic product growth estimates to between 0 and just 1 percent due to rising trade concerns and a worsening outlook for global electronics, CNA reported Aug. 13.
Why It Matters: Singapore is extremely exposed to the ongoing U.S.-China trade war and global growth concerns due to its reliance on foreign trade with China and global supply chains.
Background: Roughly 20 percent of the island state's total exports are destined for either the United States or China. The country's economic growth has been averaging over 4 percent per year since 2011 and has not fallen below 1 percent since 2009.
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