Singapore, the first country in Asia which entered recession, breathes a sigh of relieve after exiting the recession with a growth of 20.4 percent in the second quarter. The positive growth marked the country’s first quarterly expansion in a space of one year.
Many analysts are adamant the changes are a series of small steps that will eventually spur the economic activity and outlook in the near future. However, a small number still considers the recovery as a weak one, with risk of another round of recession not an impossibility.
Two sectors – manufacturing and construction, were noted to be the top performing industries in the recent months.
Apart from Singapore, other countries in Asia region are also expected to get back to their old days of vibrant economy.