Standard & Poor's (S&P) warns Singapore that the banking sector is likely to face difficult time this year, due to sluggish economic growth and skittish financial markets. According to S&P, the nation's Gross Domestic Product (GDP) is projected to decelerate 3.4% during the period, while it was posted at 3.7% last year.
The nation's corporate and household indebtedness is increasing, while it is likely to worsen this year, in anticipation of interest rates rising, higher borrowing costs amid rising leverage could weaken the asset quality of the banks.
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