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David Roman an economics reporter with Bloomberg believes that Singapore is closer to a recession.
“All we need is one other quarter of contraction. We had this one already, and economists say this is a possibility. Singapore Government has said that they don’t think this will happen. But right now with the way things are going, we are seeing pretty bad trends especially in the pharmaceuticals and the oil services sector. Services is also down, and services is the biggest share of the economy. So, right now that’s a worry.”