Singapore GDP shrinks 11.5% in Q1, biggest drop since independence from Malaysia(updated)

SINGAPORE: Singapore's worst-ever recession likely bottomed in the first quarter, but the city-state faces a tepid recovery as global demand for its exports struggles to rebound, the central bank said Wednesday.

The country's economy could shrink as much as 9 percent this year as a "deep and prolonged" global downturn batters sales abroad, which account for about 60 percent of gross domestic product, the Monetary Authority of Singapore said in a semiannual report.