After revising the full growth estimates and eased monetary policies for the first time, government of Singapore and analysts declared that Singapore is the first economy of Asia to fall into recession. The city-state’s full-year growth forecast to was reduced to around three per cent citing a slowdown in the global economy and key domestic sectors by the The Ministry of Trade and Industry. The sudden move came when the ministry released the preliminary data showing that GDP declined by 6.4 % in the third quarter after contracting 5 % in the previous quarter.
The survey did not describe the economy completely in recession but a technical recession the two consecutive quarters were confirmed by the same. It was first time in more than four years as confirmed by the Monetary Authority of Singapore. As we all know Singapore is south east Asia's wealthiest economy in terms of GDP per capita and other economic features but still it is entirely dependent on trade. This is not at all acceptable by the developed economies, particularly key export markets of US and Europe. Economists polled by Dow Jones Newswires had forecast a 0.2 % rise in GDP which is a good sign.
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