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Singapore In Trouble?

Singapore, the city-state in Southeast Asia that has long been a financial and transportation hub, is understandably hurting from the European sovereign debt crisis and the slow growth in China, two regions of significant trade with Singapore.

Today, according to Reuters, we found out to what extent Singapore is hurting. In Q2, Singapore's GDP contracted 1.1%, compared to consensus estimates of a gain of 0.6%. This is a huge decline from Q1, when Singapore reported GDP growth of 9.4%