Singapore was the first in Asia to get out of the recession

The Singapore economy left the recession in the second quarter of 2009, showing an economic growth rate of over 20%, the Ministry of Trade and Industry of the country said on Tuesday, RIA Novosti reports.

In April-June 2009, the gross domestic product (GDP) of Singapore showed an increase in the previous three months of 20.4% (after eliminating seasonal vibrations and annual terms), however, compared to the same period last year, the city-state still shows a decline-but already only 3.7% compared with 9.6% in the first quarter.

The Ministry of Trade and Industry, whose preliminary assessment is based, for the most part, on data for April and May and can be revised, has also improved its forecast for the development of the Lion City Economics for the current year, now waiting for a reduction in GDP of 4-6%, and not 6-9%, as in its previous assessment, and an assessment of growth rates in the first quarter: from minus 19.7%to minus 12.7% In annual terms.

“The Singapore economy is back in service - and how!” Said Robert Pryor -Uandesford, senior economist in the Asian region of the Singapore representative office of HSBC.

It is significant that the cause of the jump was to increase exports not to Europe, the USA and Japan, where the demand remains weak, but to neighboring Indonesia, Malaysia and China, the agency of the agency of the DBS bank Irwin Seah told the agency. “The recovery growth engine was our export within the region,” he emphasized. “We note great demand in Asia, especially in China.” “Asia guesses that it is able to build up its demand itself,” the economist concluded.

The bottom of the Singapore, which has continued over the year of the deepest recession of its export and tourism in the history of the economy (the only member of the OECR in Yuva, which is called the "Club of Industrialized States") reached in the last quarter of 2008, when its GDP was reduced in annual terms by 16.4%.

The first in Asia depressed Singapore now became the first country on the continent to announce the growth of his economy in the second quarter of this year. Economists expect to show growth by some other countries.

However, the main "locomotive" of Asia - the Chinese economy did not record negative growth rates. And another of the largest players in the Asian -Pacific region - Australia - managed to avoid recession thanks to the growth demonstrated in the first quarter.