Sg Economy

Sg Economy: Credit Suisse sees a 30%-40% probability that Asian economies may fall into recession. The US ISM New Orders Index now suggests zero exports growth and would hit Asia’s most open economies with Taiwan, Korea and HK most badly affected followed by Sg.

This bearish view joins a number of bank calls from BofA, Citi and UOB that Sg may face a technical recession. The only reason CS has not built in a technical recession in its forecast is the biomedical manufacturing side which may tide the economy over with yoy growth.