Singapore's Prime Minister, Lee Hsien Loong reportedly said the economy may contract more than 5% this year. It could be worse if the global economy worsens, even lower than minus 5% is possible, Lee reportedly said. The Singapore government expects the economy to shrink between 2% and 5% this year. On a seasonally adjusted, annualized quarter-on-quarter basis, real GDP declined 16.9% in the fourth quarter of 2008 compared to a fall of 5.1% in the previous quarter.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.