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Shit!!! Now we are in free fall. Going to hurt a lot of people soon..layoffs, pay cuts, bonuses...etc. Those jokers know what they are doing or not?? Only way to artificially 'boost' the economy is to build more roads, HDB flats...etc
Singapore’s economy unexpectedly contracted last quarter as companies grappled with a labor shortage and exports faltered amid an uneven global recovery.
Gross domestic product shrank an annualized 1.4 percent in the three months through March 31 from the previous quarter, when it rose 3.3 percent, the Trade Ministry said today. The median of 10 estimates in a Bloomberg News survey was for 1.7 percent expansion.
The Southeast Asian nation’s exports fell the most since 2009 in February, while industrial production slid the most in at least three years.
Singapore’s economy unexpectedly contracted last quarter as companies grappled with a labor shortage and exports faltered amid an uneven global recovery.
Gross domestic product shrank an annualized 1.4 percent in the three months through March 31 from the previous quarter, when it rose 3.3 percent, the Trade Ministry said today. The median of 10 estimates in a Bloomberg News survey was for 1.7 percent expansion.
The Southeast Asian nation’s exports fell the most since 2009 in February, while industrial production slid the most in at least three years.
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