SINGAPORE -Singapore's economy contracted in the first quarter, raising the risk of a recession in the city state as the global economic outlook weakens and major trading partner China struggles for a post-COVID lift-off. Singapore, a major financial hub, is reliant on trade flow to keep its economy humming, though external demand has faltered in the wake of rising borrowing costs and still-strong inflationary pressures. Gross domestic product rose 0.4 percent on a year-on-year basis in the first quarter of 2023, official data showed on Thursday, beating the advanced estimate of 0.

https://business.inquirer.net/402584/singapores-q1-gdp-contraction-raises-recession-risk-china-revival-key

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