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Singapore not expected to face technical recession despite downward revision of Q2 growth

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Tessa Oh

Tessa Oh

Published Thu, Aug 11, 2022 · 05:00 PM
    • Watchers do not expect Singapore to enter a technical recession in 2022, though they are not ruling the scenario out entirely.
    • Watchers do not expect Singapore to enter a technical recession in 2022, though they are not ruling the scenario out entirely. PHOTO: BT FILE

    SINGAPORE’S updated second-quarter growth figures surprised on the downside as the economy shrank 0.2 per cent quarter on quarter, but neither authorities nor private-sector economists expect this to herald a technical recession.

    Ministry of Trade and Industry (MTI) chief economist Yong Yik Wei told reporters at a Thursday (Aug 11) morning briefing that growth is expected to return to a “slight positive” in the third and fourth quarters – therefore avoiding a technical recession, defined as 2 consecutive quarters of quarter-on-quarter contraction.

    Still, given the weakened global economic environment, it should not be surprising to “see some negatives” for quarter-on-quarter growth from time to time, she added.

    Singapore economySingapore GDP

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