SINGAPORE: The city-state eased monetary policy yesterday after the economy suffered its worst-ever contraction in the June quarter, but factories and consumer spending are bouncing back, the government said.
In the clearest picture yet of the damage wrought by an 11-week Severe Acute Respiratory Syndrome (SARS) outbreak on Singapore’s trade-reliant economy, the government said gross domestic product (GDP) shrank 11.8% in April–June from the March quarter, its worst fall on record.
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