Approaching the economic slowdown with equanimity

ONE might expect a quarter of dismally low growth to fan recession fears. Yet perhaps it might be seen as simply the latest in a stream of weak data - a trend that has made for a well-telegraphed slowdown, with Singaporeans by now alert, yet not overly alarmed.

Flash figures this month showed Singapore's second quarter growth nearly flat at 0.1 per cent year on year. Gross domestic product was down 3.4 per cent quarter on quarter, paving the way for a technical recession if output shrinks again in Q3.

On the day that the unexpectedly low Q2 figures were released, three ministers took to Facebook with posts of reassurance, framing the performance in the context of the current business cycle.