Singapore raised its annual economic forecast yesterday as it announced unexpectedly sharp growth for the second quarter, putting an end to the city-state's worst recession in 45 years and bolstering hopes that the financial crisis in Asia may have reached its low point.
The export-dependent economy is closely watched as it is seen as a bellwether for Asia and an important indicator of global demand.
South Korea, which will release its second-quarter figures next week, indicated last week that it had probably recorded its fastest quarter-on-quarter growth for 5? years.
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