All signs point toward the fact that the United States and our exchange traded funds (ETFs) are getting jostled around in this weakened economy. Some countries could face recession as the global economy tumbles toward a bottom.

In Singapore, predictions are that the country will dip into a recession in the current quarter for the first time since 2002. Exports and manufacturing have slumped, and tourism has fallen off, reports Shamim Adam for Bloomberg. GDP fell 6% in the second quarter from the preceding three months. Data for the third-quarter is expected next month.

If the numbers aren’t good, the country will be in a “technical recession,” defined as two consecutive quarters of negative growth.

iShares MSCI Singapore Index (EWS) may be in for a bit of a slowdown, along with NETS FTSE Singapore Straits Times Index (SGT). EWS is down 32.7% year-to-date; SGT is down 15.8% since its July 22 inception.