Singapore has become the first Asian country to fall into recession, after growth fell for the second successive quarter.
The Ministry of Trade and Industry also revised downwards full-year growth forecast to around 3pc, citing a slowdown in the global economy and key domestic sectors.
Southeast Asia's wealthiest economy saw gross domestic product fall by 6.3pc during the third quarter having previously contracted by 5.7pc.
In a move to confront the downturn, the Monetary Authority of Singapore - its de facto central bank - said it was also easing monetary policy for the first time in more than four years.
Singapore Prime Minister Lee Hsien Loong said Asian economies face a "rough ride" for at least the next year as weakening consumer demand from developed countries hurt the region's exports.
Asian policy makers are warning of a deepening slowdown in their economies as demand from the US, Europe and Japan weaken amid turmoil in global financial markets.
The Ministry of Trade and Industry also revised downwards full-year growth forecast to around 3pc, citing a slowdown in the global economy and key domestic sectors.
Southeast Asia's wealthiest economy saw gross domestic product fall by 6.3pc during the third quarter having previously contracted by 5.7pc.
In a move to confront the downturn, the Monetary Authority of Singapore - its de facto central bank - said it was also easing monetary policy for the first time in more than four years.
Singapore Prime Minister Lee Hsien Loong said Asian economies face a "rough ride" for at least the next year as weakening consumer demand from developed countries hurt the region's exports.
Asian policy makers are warning of a deepening slowdown in their economies as demand from the US, Europe and Japan weaken amid turmoil in global financial markets.
1 comment:
As Singapore is open economy trading closely with US, it is he first Asian country to fall into recession. It's very bad and will affect other ASIN countries too.
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