http://www.channelnewsasia.com/news/business/singapore-revises-up-growth-forecast-for-2017-as-q3-gdp-grows-5-9431172
Singapore economic growth is 5.2% in Q3 2017 because of exceptionally good exports, especially to China. Therefore, MTI is forecasting a 3.5% economic growth for 2017.
SG is doing tremendously well because of external factors which are basically international trading. China has become the most important market for SG as it is our largest trading partner and the trading between China & SG is burgeoning.
Therefore, if there is a significant slowdown in China, SG will be badly impacted as there is no other country that can pick up the slack. The bottom line is SG is heavily dependent on China now.
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http://www.todayonline.com/singapore/singapore-oct-exports-surge-almost-21-pct-yy-top-fcast-china-sales-strong
SG exports to China increased by 53.3% in October 2017 despite China being our largest trading partner. This shows that China's economic growth is boosting SG's economic growth as well.
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