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Singapore GDP decline slows to 7% in Q3 after reopenings

Monetary authority stands pat and signals accommodative policy for 'some time'

Singapore's economy is stirring back to life as the city-state's coronavirus situation stabilizes.   © Reuters

SINGAPORE -- Singapore's economy shrank 7% on the year in the July-September period, the government's preliminary data showed on Wednesday, marking a third consecutive quarter of contraction due to the coronavirus pandemic.

The latest performance, however, suggests the country's economy is starting to recover from the worst of the crisis. In the April-June quarter, during which most workplaces were closed, the city-state suffered a revised 13.3% year-on-year contraction -- its worst result on record -- and entered a technical recession.

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