Singapore on the road to contraction, forecasters say

03/27/2013 | CNBC

Private forecasts for Singapore's growth are switching from expansion to contraction for the current quarter as troubling economic numbers, including a sharp pullback in February industrial output, begin to add up. "The data are not good -- where industrial production goes, GDP goes. Based on the revision of first quarter estimates, full-year GDP is likely to come in at the low end of the 1-to-3% official target," said Tim Condon, head of research for Asia with ING Financial Markets.

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