SINGAPORE (July 12): An unexpected contraction in Singapore’s economy sent a warning shot to the world economy as simmering trade tensions wilt business confidence and activity.

Gross domestic product in the export-reliant city-state shrank an annualised 3.4% in the second quarter from the previous three months, the biggest decline since 2012. That was worse than the 0.5% expansion forecast in a Bloomberg survey of economists and followed growth of 3.8% in the first quarter.

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