Singapore’s economy has slipped into its first recession since 2002. The economy shrank at an annualised seasonally adjusted quarter-on-quarter rate of 6.3 per cent in the third quarter, after contracting by an annual 5.7 percent in the previous quarter.

The Ministry of Trade and Industry also revised its full-year growth estimate to 3 per cent, down from an earlier estimate of between 4 and 5 per cent, on Friday.

The slowdown is largely due to a contraction in the country’s manufacturing sector, which is compounded by falling export demand from key markets like the United States.

As growth concerns mount, Singapore’s central bank announced that it would ease monetary policy for the first time in almost five years. This move is in line with efforts by central banks across the globe, which have cut interest rates to boost growth and calm markets.

Source – Channelnewsasia