BusinessMirror, 21 May 2009
Singapore’s government said the economy shrank less than initially estimated last quarter and a second stimulus package may not be needed as the nation emerges from the deepest recession in its 44-year history.
Gross domestic product declined an annualized 14.6 percent last quarter from the previous three months, after shrinking 16.4 percent between October and December, the trade ministry said in a statement today. The initial estimate on April 14 was for a 19.7- percent drop.
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