Singapore's economic output beats pre-financial crisis level by 20%

Very resilient economy indeed.

According to Moody's, Singapore has demonstrated a very high degree of resilience to global financial shocks, despite the openness of its economy, its dependence on global trade and finance, and its spatial and resource constraints.

As Moody's report points out, Singapore's economic output now exceeds by more than 20% its pre-global financial crisis level.

"Singapore's gain in output is much higher than for all the other 13 Moody's-rated Aaa sovereigns," Moody's said.

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