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Singapore's economic resilience: A narrow escape from recession

Published 14/07/2023, 10:58 am

Investing.com - Despite the global economic slowdown and trade challenges linked to China's deceleration, Singapore managed to dodge a technical recession. This accomplishment was marked by slight growth during the second quarter of this year according to preliminary data released by the government.

Following a minor contraction in Q1, there was an uptick of 0.3% on a seasonally adjusted basis in Q2. This marginal improvement aligns with predictions made by four economists interviewed for a Reuters survey.

Year-on-year comparison reveals that Singapore’s economy grew slightly stronger at 0.7% in Q2 compared to the previous quarter's modest increase of 0.4%. These numbers are consistent with projections made by experts who participated in another Reuters poll predicting an expansion rate of around 0.6%.

Earlier this year, official forecasts projected GDP growth within a range between half and two-and-a-half percent for this fiscal period.

The Ministry has been cautious regarding prospects of any potential downturns due to external factors affecting demand but remained optimistic about avoiding consecutive quarters of negative growth – often considered as entering into 'technical' recession territory.

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