Consumers in Singapore are deleveraging for the first time in a decade. While debt has been growing at a slower pace since a 2011 peak, it contracted by 0.1 percent in the first quarter as households curbed mortgages and credit-card expenditure. With consumers paying down debt rather than spending and higher interest rates and tighter labor market conditions already hurting consumption, the scenario is a “bearish” one for the economy, according to Nomura Holdings Inc., which is forecasting 1.8 percent growth in the city state this year.

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