MONTREAL - Singapore's hitherto fast-paced economy, which grew 8.3% in the first quarter, stalled in the three months to June as gross domestic product increased a mere 0.5% year-on-year, the city-state's Trade and Industry Ministry said Thursday.
Compared with the previous three months, when the economy grew a revised 27.2%, it actually shrank an annualized 7.8% in the second quarter. Singapore was the world's third-fastest growing economy last year, according to the International Monetary Fund, just outpaced only by oil-rich Qatar and Paraguay. Full story
