The wealthy city-state of Singapore could be heading for a recession. According to CNN, Singapore reported a big drop in economic activity in the second quarter of the year. It's being hurt by the US-China trade war and is heading for its weakest annual growth since 2009. Back then, the economy shrunk by 0.6% during the global financial crisis. Singapore on Tuesday slashed its forecast for GDP growth in 2019 to between 0% and 1%.