Singapore tightens growth forecast after Q2 contraction

Singapore on Tuesday narrowed its full-year economic growth forecast after the trade-reliant economy contracted in the second quarter owing to weakened global demand. The full-year growth forecast was trimmed to 2.0-2.5 percent this year from 2.0-4.0 percent previously after a 4.0 percent quarter-on-quarter contraction in April to June, the trade ministry said in a statement based on final data for the quarter. The second quarter contraction reversed growth of 4.1 percent in the previous three m