Singapore review exposes plummeting growth rates
The Monetary Authority of Singapore (MAS) revealed sharp economic contraction in its latest Macroeconomic Review, published today (October 30).
The economy grew by 0.2% in the second quarter, before contracting by 1.5% in the third quarter, which the review attributes to softening in both global and domestic demand. After experiencing high growth in the first quarter (9.8%), however, the central bank expects a total of between 1.5% and 2.5% growth in 2012.
Unemployment decreased slightly, from 3
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