World Economy

Singapore Growth at 3-Year Low

Singapore Growth at 3-Year LowSingapore Growth at 3-Year Low

Singapore’s economy contracted during the June quarter of 2015 with the government reporting a decline of 4.0%, Business Insider reported. The figure, an improvement on the 4.6% decline reported in the initial estimate, saw the annual rate revised higher to 1.8%. Previously growth had been reported as 1.7%. And the government is concerned about the growing risks from recent developments in China, including the stock market correction. Despite the upward revision, the annual pace of growth was the slowest seen since the September quarter of 2012.