Singapore, a country with a population of just about 5.6 million, is one of Asia' top financial centers and a global trading hub.

It has for decades been one of the world's most impressive growth stories. The Southeast Asian nation is among the top 10 countries in the world with the highest GDP per capita, according to World Bank statistics.

However, the country's central bank warned late last year that its export-driven economy would likely be hurt in the coming months by the ongoing U.S.-China tariff fight.

Singapore is currently the biggest foreign investor in China. Asia's largest economy, meanwhile, is also Singapore's biggest export market. But, as Beijing braces for a continuation of its current slowdown, the Southeast Asian city-state may have to prepare for more challenges.

In January, Singapore reported that its economy grew 3.3 percent in 2018 — slower than the 3.6 percent recorded the year before. It also emerged last week that the country's exports fell by 8.5 percent from last year, making it the worst decline in more than two years.

That export figure was unexpected, and widely missing the 1.5 percent increase predicted by economists in a Reuters poll.