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27 July 2009

External economies key to Singapore's rebound

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Singapore's economic outlook is still dependent on other major economies like the US and Europe. This is despite the 20 percent improvement in GDP in the second quarter of this year, Channel News Asia quoted Finance Minister Tharman Shanmugaratnam as saying.

He said: "Although we had a good second quarter - the second quarter of 2009 was a quarter with much better GDP growth compared to the previous two quarters where we saw a very deep contraction - the outlook for the future is basically determined by the US, Europe and the rest of Asia."

Singapore appears to be emerging from its worst recession on record after the economy expanded at an annualised rate of 20.4 percent between April and June. The rapid expansion compares with a revised contraction of 12.7 percent in the first quarter from January to March.

It was the first quarterly expansion in a year, lifted by increased drug sales and construction activity, said the Ministry of Trade and Industry. However, the government still expects the economy to contract for the year.


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