Diversification helped Singapore avoid recession in 2019: Chan

Singapore

THREE sectors in the services industry helped Singapore escape recession in 2019, and while the government has a cautiously optimistic outlook, uncertainties remain in the global economy, Minister for Trade and Industry Chan Chun Sing said.

Replying to a question from Non-Constituency MP Leon Perera in Parliament on Monday, Mr Chan said the banking and finance, professional services and infocomm technology sectors were what held up an economy that was largely "under the water".