Tuesday, August 19, 2008

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Singapore Economy may head for recession as Exports Fell by 5.7% in July

Continuing their downward trend, Singapore's non-oil domestic exports (NODX) shrank by 5.7% in July as the shipment of electronic goods continued to fall. This followed a 10.5% fall in May and an 11% fall in June. Some economists are predicting a technical recession after the economy grew just 2.1% in Q2 - the slowest growth in five quarters, and following a revised 6.9 per cent pace in Q1. A technical recession is defined as two consecutive quarters of economic contraction.

While improving on June's 10.6% and May's 10.5% fall, the latest contraction is seen as confirmation that factories here will not escape a widening global slowdown that was sparked off by the US sub-prime mortgage crisis.

There was little comfort for decoupling theorists, who had hoped that China, India and other growth engines would prove resilient enough to chart an independent path for emerging economies. While local exports to China, Indonesia and other emerging economies bounced back last month from earlier falls, they proved insufficient to offset the large drag from Europe and the US.

May also want to read:
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