NSTbusiness: Overall growth for 2019 at just 0.7 percent, down from 3.2 percent expansion in 2018.
The city-state has traditionally been the first among Asia’s economies to be affected during a downturn, and the country narrowly escaped tipping into recession in the third quarter.
He added, however, that “despite the lacklustre growth performance, the economy is slowly getting out of the woods” as there are “emerging signs of bottoming in the external environment.” Last year’s growth was weighed down by manufacturing, a key economic pillar, which contracted 1.5 percent last year due to output declines in main exports such as electronics.
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