Chart of the Day: Singapore's economy has been on a downward slide for the past five years

The city-state's slowdown is among the worst in the region.

After decades of impressive growth, Singapore's economy has been on a steady downward slide since 2010, reveals a report by Deutsche Bank.

"The city-state’s economic performance has wavered in the last five years. The step down in growth can be explained by a mix of
cyclical and structural forces. While Singapore’s heavily export-oriented economy struggles with stagnant global trade, at home, it is dealing with a tight and aging labor force, declining productivity, and heavily leveraged corporates and households," said the report.

The chart shows that the overall economy has been increasingly losing momentum after a strong rebound in 2010. The weighted average of the growth rates of retail sales, credit, industrial production, non-oil imports, residential transaction, PMI, and employment has been negative for the better part of the past six years.

"The past five years, however, have seen a steady deceleration in overall output and per-capita incomes. While evident across the region, Singapore’s economic slowdown is one of the most severe,” Deutsche Bank noted.