The U.S.-China trade war — which has hit business sentiment and roiled financial markets — is often cited as a major risk to global growth.
Without that trust, countries will "start taking actions to de-risk their own economies by fragmenting their supply chains or by diversifying their supply chains in a fragmented world," said Chan. "That is the most dangerous trajectory for the world economy," he added.to circumvent elevated tariffs.
Chan said Monday the city-state could escape a recession, but acknowledged that a challenging external environment could further weigh down Singapore's prospects. The government and companies have pressed on with efforts to to make the Singaporean economy more resilient, he said. "We prefer to focus on the long term," he said. "We are continuing to diversify our portfolio of trade, making sure that we have more trade agreements, more substantive trade agreements with the existing partners and new partners."
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