Following four continuous quarters of contraction, the economy of Singapore in the Q2 of 2009 is predicted to grow at an annualized and seasonally adjusted rate of 16.4%, thus putting an end to the ongoing technical recession.

Even in a poll's median by 11 economists, the gross domestic product in the April-June period was shown to drop just 5.0 per cent from the same period a year earlier, the credit of which goes to a recovery in the manufacturing sector, especially the pharmaceuticals.

According to Citi economist Wei Zheng Kit, "The initial bounce from the bottom is being led by the manufacturing sector, on the back of a rebound in the volatile biomedicals segment."

The final government data displayed that the first quarter of 2009 saw Singapore's economy contracting at an annualized seasonally adjusted rate of 14.6 per cent and plunging 10.1 per cent from a year earlier.