According to a Fitch report released Friday, if there is a recession in the U.S., Singapore “would experience the largest cumulative negative shock to GDP of 4.1 percentage points from 2011 to 2013.”
This is because Singapore’s trade with the U.S. accounts for about 20 percent of its GDP – the largest exposure among emerging Asian economies.
Earlier this month, data showed that Singapore’s economy contracted by a more-than-expected 7.8 percent in the second quarter as economic growth slowed due to a sharp drop in manufacturing output. Full story
