Singapore's economy contracted in the first quarter, increasing the risk of a recession as external demand weakens and China struggles for a post-COVID lift-off. Despite GDP rising 0.4% on a year-on-year basis, the economy shrank 0.4% on a quarter-on-quarter, seasonally-adjusted basis, leaving the city state at risk of a technical recession in the current quarter. The trade ministry does not expect a technical recession this year but acknowledges that the external demand outlook for the rest of the year has weakened. The central bank is keeping a watching brief on both growth and inflation trends, but is maintaining its current monetary policy.
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Singapore's Economy Contracts in Q1, Raising Risk of Recession
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