14 Oct '11, 2am

Singapore avoids technical recession, growth outlook dims

Singapore narrowly avoided a technical recession by growing 1.3 per cent in the third quarter from the second quarter. Growth was boosted by the pharmaceuticals sector, but growth prospects have weakened and the Ministry of Trade and Industry narrowed its growth forecast for the full year from 5 per cent to 6 per cent to 'around 5 per cent'. With the growth outlook deteriorating due to the euro zone debt crisis and weakening growth in the United States, the Government said that Singapore will likely grow below its potential growth rate of 3 per cent to 5 per cent next year. Economists said the focus has now turned from inflation to growth. The Monetary Authority of Singapore eased monetary policy, by reducing the slope of the exchange rate band, allowing for a slower pace of strengthening of the Singapore dollar.

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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