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Singapore avoids technical recession as economy grows 0.7% year-on-year in second quarter - TL;DR CNBC

Singapore avoids technical recession as economy grows 0.7% year-on-year in second quarter

Publishing timestamp: 2023-07-13 23:03:46


Summary

The advanced estimates show that Singapore's economy grew 0.7% year-on-year and 0.3% quarter-on-quarter in the second quarter, avoiding a technical recession. However, there are concerns about the uncertain growth outlook and declines in the manufacturing sector. The Monetary Authority of Singapore warned of downside risks and estimated lower GDP growth for 2023. Despite these concerns, there are pockets of resilience in the economy, such as a steady recovery in visitors and the potential for an acceleration in Chinese tourists. Overall, Singapore is seen as well-positioned for a swift recovery.


Sentiment: MIXED

Tickers: SGD=

Keywords: priceseconomic eventsbusiness newsbreaking news: asiaworld marketsearningssingaporeus dollar/singapore dollar fx spot rateasia economybreaking newsworld economy

Source: https://www.cnbc.com/2023/07/14/singapore-gdp-second-quarter.html


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