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Singapore may avoid technical recession

Published on Oct 9, 2012 3:50 PM
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Prime Minister Lee Hsien Loong speaks during dinner hosted by the Asia New Zealand Foundation at Stamford Plaza Hotel in Auckland, New Zealand, on October 7, 2012.Mr Lee hinted on Tuesday that Singapore may well avoid a technical recession with economic growth figures for the second quarter likely to be revised upwards from the current quarter on quarter contraction of 0.7 per cent. -- ST PHOTO: KEVIN LIM

Prime Minister Lee Hsien Loong hinted on Tuesday that Singapore may well avoid a technical recession with economic growth figures for the second quarter likely to be revised upwards from the current quarter on quarter contraction of 0.7 per cent.

The revised figures could be announced on Friday, when flash estimates for third quarter growth will be made public.

After it was announced that the economy shrank by 0.7 per cent in the second quarter, analysts said there was a good chance of another quarter in the red, and hence the economy entering a technical recession, which is two consecutive quarters of contraction.

But PM Lee told Singapore reporters in Wellington on Tuesday that the Q2 figures may be revised upwards into positive territory.

 
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