MONTREAL - The United States last week exempted Singapore from sanctions over oil purchases from Iran just hours before the final day when sanctions would have taken effect. This was welcome news that could buoy Singapore in the second half of the year, when the present economy recovery is expected to moderate.
Singapore's latest economic data permit some sense of relief but there is tough going ahead. The city state is one of the "canaries in the mineshaft" for Asian and indeed global economic growth because of its higher export dependence particularly with respect to developed market economies. Full story
