Economists fear recession may be around the corner
Central bank says not considering off-cycle policy move
Singapore | Singapore slashed its full-year economic growth forecast on Tuesday as global conditions were seen worsening and data confirmed the slowest growth rate in a decade amid mounting fears of recession in the city-state.
The government cut its forecast range for gross domestic product in Singapore - often seen as a bellwether for global growth because international trade dwarfs its domestic economy - to between zero and 1 per cent from its previous 1.5 per cent to 2.5 per cent projection.
