The outlook for the wealthy island nation of Singapore is turning increasingly grim with a recent mix of downbeat economic indicators pointing to a contraction for the economy in the current quarter.
ING downgraded its growth forecast for the city state on Tuesday, calling for a contraction of 2.1 percent year on year for the three months to March, from an earlier forecast of a 3.4 percent expansion.
Credit Suisse also revised its numbers downwards; it now expects Singapore's economy to shrink one percent over the same period, compared to its initial forecast of a 0.5 percent contraction. Full story
