Recession bodes ill for countries in region | Asia Pacific

Recession bodes ill for countries in region

Recession bodes ill for countries in region

Updated 19 March 2012, 18:55 AEDT

Singapore has slipped into recession, with official figures proving the economy shrank for the second quarter in a row.

On top of an 11-per cent slump in the first quarter, GDP fell another ten per cent in the three months to June. The result is economic shrinkage of point-8 of one per cent compared to a year ago, and a currency at an eleven year low. Finance Correspondent Karon Snowdon reports, the bad news for Singapore raises concerns for the region.

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