Singapore recession likely bottomed in 1st quarter, but weak recovery seen, central bank says

Central bank: Singapore recession likely bottomed

SINGAPORE — Singapore’s central bank says the city-state’s worst recession likely bottomed in the first quarter, but faces a tepid recovery amid weak export demand.

The economy could shrink as much as 9 percent this year as a “deep and prolonged” global downturn batters exports, which account for about 60 percent of GDP, the Monetary Authority of Singapore said in a quarterly report Wednesday.

The bank said: “The most intense phase of contraction of overall GDP has probably occurred. The subsequent recovery of the economy from the trough is likely to be slow and gradual.”