Singapore's economy likely escaped a technical recession in the third quart...
SINGAPORE - Singapore’s economy likely escaped a technical recession in the third quarter even as growth stayed subdued, weighed down by the prolonged trade dispute between the United States and China, a Reuters poll showed.Gross domestic product is expected to have increased 1.5% on a quarter-on-quarter, seasonally adjusted and annualized basis in July-September, according to the median forecast of 11 economists in the poll.
“Third-quarter GDP is expected to stay weak and narrowly dodge a technical recession,” said Lee Ju Ye, an economist with Maybank Kim Eng. The standard technical definition of a recession is two consecutive quarters of economic contraction. Like many other export-reliant Asian economies, Singapore has been hit hard by cooling global demand and the escalating Sino-U.S. trade war, which has disrupted world supply chains in a blow to business investment and corporate profits.
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