Singapore Successfully stop recession

Singapore claims to have been through a severe recession experienced by this country with the support of data showing economic growth in two consecutive quarters in the three months to September. Official data released Thursday (19/11) showed gross domestic product (GDP) of Singapore had 14.2 percent expansion in July-September period on an annual basis per quarter following the 21.7 percent surge in the previous quarter.

“Effective recession in Singapore has done,” Ravi Menon, the permanent secretary of the Department of Trade and Industry (MTI), convey this to the media. Through the third quarter economic survey of GDP, MTI said Singapore economy grew annually 0.6 percent in the third quarter compared to 3.3 percent contraction in the April-June period.

In the year 2010 outlook, Singapore’s economic growth estimated at 3,0-5,0 percent. Singapore Economy dependent on trade is the first country in Asia to sink into recession last year due to global crisis resulting terpuruknya export demand, especially from the U.S. (prepared from Kompas)

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