Could it be a sign from the East? Singapore – the first Asian economy to report GDP data for the period from April to June – has roared out of recession.Following four quarters of contraction, GDP rose at an annualised and seasonally-adjusted rate of 20.4 percent. That is the fastest pace in nearly six years. However the growth was to a great extent driven by the notoriously volatile pharmaceuticals industry – biomedical manufacturing – which makes analysts wary of the sustainability of the rebound. And it seem that many in Singapore are putting their trust in religion rather than governments to end the recession. In the newly-extended Bartley Christian Church they have been praying for jobs and an end to the economic crisis. Senior Pastor William Lee explained: “Whenever there is any natural calamity or financial crisis, the people will always turn to a power higher then themselves because they will realise that governments, too, may be confused, resources may be limited and when they are at the end of themselves there is the inbuilt, innate desire to turn to God.” To see if Asia might lead a broader global recovery attention now turns to China which has been the driver of the world economy in recent years. On Thursday China will be the first major economy to report its second quarter GDP growth.
Praise the Lord: Singapore's GDP soars