Singapore hits recession
MARKET NEWS
SINGAPORE – Singapore became the latest victim of slowing world growth last week as the city state slipped into recession, official figures showed.
Gross domestic product fell by 10.1% in the second quarter of this year, following a 11.3% drop in the previous quarter. Two consecutive quarters of negative growth constitute a technical recession.
Following the release of the data, the Singapore dollar sagged to 11-year lows, and local dealers reported intervention jitters.
Markets shocked
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