A 19.7 drop in GDP. Imagine that

And you thought your country had problems… Imagine this: Singapore reported a blistering 19.7% SAAR* GDP drop in the first quarter of this year. That comes after the 16.4% registered drop in Q4 2008. I guess that’s the price you pay if you’re a one-trick pony. Which in this case is Singapore’s dependence on its financial sector. It will take the island state years to recuperate. If they recuperate at all.

(*:SAAR stands for Seasonally Adjusted against Annualized Rate)