The revision, which exceeds all but the most pessimistic economists' estimates, illustrates how the slowdown of global trade is affecting Asia's largely export-dependent economies.
“[Singapore's] economy is going through its sharpest, deepest and most protracted recession,” said Ravi Menon, a trade ministry official, in advance of publication of the government's annual budget speech today.
It is expected to include hefty stimulus measures, with state reserves to be tapped for support for the first time.
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