All Asian countries posted their latest GDP figures suggesting a gold mine in the region with the exception of Singapore, who posted a -4.1% GDP in its latest quarterly projection.
Here are the recent Q3 GDP figures released by others in Asia:
New Zealand +0.9%
South Korea +0.7%
This news however contradict Prime Minister Lee Hsien Loong’s claim made at a student dialogue a month ago.
“The world economy is struggling, I am confident that Singapore will do well in the long term. If any city in the world is in a position to do well in the new world economy, Singapore should be that place.”
In its latest GDP report published in October, Monetary Authority of Singapore claimed that business sentiments have been lacklustre and that unemployment figures will likely go up.
Minister of State Chan Chun Sing however expressed optimism and denied the seriousness of the Singapore recession, saying that only some sectors are not performing. The Minister without portfolio however stated that the government will “help” if there is a need, without giving specifics.