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http://business.asiaone.com/Business/News/My+Money/Story/A1Story20101018-242927.html
Singapore warns of technical recession in second half
Mon, Oct 18, 2010
AFP
SINGAPORE - Singapore's trade-reliant economy could slip into a technical recession in the second half but full year growth remains on track at up to 15 per cent, the government said Monday.
"A technical recession, which analysts define as two consecutive periods of negative quarter-on-quarter growth, could happen in the second half of the year," said Senior Minister of State in the Ministry of Trade and Industry S. Iswaran.
"The pace of recovery in the global economy is expected to remain subdued for the rest of the year. This will affect the performance of our manufacturing and trade-dependent services sector," he said in parliament.
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Scheduled maintenance shutdowns for plants in the biomedicals sector, mainly those churning out pharmaceuticals, could also hit the economy's performance in the second half, he said.
Despite the slowdown in the second half, Iswaran said Singapore remains on track to achieve full-year growth of 13 - 15 per cent, owing to the economy's sizzling rebound in the first six months.
He said the economic outlook for the rest of the year will be underpinned by "continued growth in global demand electronics products" and a robust tourism sector, which has gained a boost from two integrated casino resorts.
Singapore warns of technical recession in second half
Mon, Oct 18, 2010
AFP
SINGAPORE - Singapore's trade-reliant economy could slip into a technical recession in the second half but full year growth remains on track at up to 15 per cent, the government said Monday.
"A technical recession, which analysts define as two consecutive periods of negative quarter-on-quarter growth, could happen in the second half of the year," said Senior Minister of State in the Ministry of Trade and Industry S. Iswaran.
"The pace of recovery in the global economy is expected to remain subdued for the rest of the year. This will affect the performance of our manufacturing and trade-dependent services sector," he said in parliament.
Click here to find out more!
Scheduled maintenance shutdowns for plants in the biomedicals sector, mainly those churning out pharmaceuticals, could also hit the economy's performance in the second half, he said.
Despite the slowdown in the second half, Iswaran said Singapore remains on track to achieve full-year growth of 13 - 15 per cent, owing to the economy's sizzling rebound in the first six months.
He said the economic outlook for the rest of the year will be underpinned by "continued growth in global demand electronics products" and a robust tourism sector, which has gained a boost from two integrated casino resorts.
