A technical recession occurs when there are two consecutive quarters of economic contraction.
In a separate announcement on Monday, Singapore's central bank said it has eased monetary policy by reducing the slope of the Singapore dollar policy band — referred to as the Singapore dollar nominal effective exchange rate, or S$NEER.
The central bank adjusts monetary policy by managing the exchange rate of the Singapore dollar against a basket of currencies of its major trading partners. The policy band's slope, width and center, as well as the currencies that the Singapore dollar is measured against, are not disclosed. The Monetary Authority of Singapore announced Monday there's no change to the width and center of the
's trading band. That means the central bank has moderated the pace at which the local currency would appreciate against the basket of currencies., has one of the highest trade-to-GDP ratios in the world. That makes its economy highly sensitive to global trade flows and business cycles. The country's small domestic market — with a total population of 5.7 million — means Singapore "will never be able to offset external demand slack," Song Seng Wun, an economist at Malaysian bank CIMB Private Banking, told CNBC's"All we can really do is try to protect jobs here," said Song, adding that it can be done by accelerating infrastructure and social spending.
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