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Singapore’s economic growth increased by 15.2%
Data from the Ministry of Commerce showed that in the second quarter of this year, Singapore’s economy grew by 15.2%.
Advances in Biomedicine helped develop and boost the economy of the country.
In comparison with the figures for the previous quarter, the data appears to be rather optimistic.
The Singapore Government argues that it has influenced the strong decline in global production and product demand, which arose in connection with this.
A sharp drop in production is recorded as a result of the global economic downturn, with the current growth of 37.6%, in comparison with the 12.7% drop in the previous quarter.
With the Singaporean economy, experts are betting on biomedical electronics, which the country can be proud of.
The trade and the economy of the country are highly dependable upon the development of the biomedical sector.
Singapore’s exports suffered after demand from key markets such as the U.S. and Europe were faced with their own economic problems.
Article provided by Eltoma Corporate Services