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.
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Keywords: prices, economic events, business news, breaking news: asia, world markets, earnings, singapore, us dollar/singapore dollar fx spot rate, asia economy, breaking news, world economy,
Source: https://www.cnbc.com/2023/07/14/singapore-gdp-second-quarter.html