Singapore's economy is characterised by excellent finances and a high degree of openness, with the country being highly dependent on international trade. However, GDP only grew 0.7% in 2019. The slowdown, the worst in 10 years, is mainly due to the trade war between the US and China and to a cyclical global downturn in the electronic sector. Coface estimated at 2.3% GDP growth in 2019. Growth factors include its business-friendly regulatory system, 180% of GDP in exports and domestic demand. According to the updated IMF forecasts from 14th April 2020, due to the outbreak of the COVID-19, GDP growth is expected to fall to -3.5% in 2020 and pick up to 3% in 2021, subject to the post-pandemic global economic recovery.