Roslan Rahman | AFP | Getty Images
Pedestrians walk down a street in downtown financial district in Singapore.
A surprise contraction in Singapore's economy in the first quarter of this year shows that the wealthy island state continues to struggle, prompting Credit Suisse to call for more downgrades to the country's 2013 growth forecasts.
"Singapore clearly remains the sick man of ASEAN (The Association of Southeast Asian Nations) and, in the short term at least, must rely on a meaningful improvement in the global trade cycle to register a reasonable recovery," Robert Prior-Wandesforde, director, Asian economics at Credit Suisse said in a note on Friday.