FITCH Solutions Macro Research said 2019 will be a challenging year for the banking sector given that global outlook risks may spill over to the small and open economy of Singapore.
Fitch expects a stable interest rate environment to cap local banks’ earnings as they see reduced prospects to increase their interest margins. It maintains its forecast for Singapore bank loan growth to grow 0.5 per cent in 2019, down from 5.6 per cent and 3 per cent in 2017 and 2018 respectively. China accounts for 13 per cent of Singapore's total trade, and exports - a key driver of growth in China - have been volatile in the first part of 2019 against a backdrop of ongoing trade discussions between Beijing and Washington.
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