International Herald Tribune
19 Aug 2008
SINGAPORE: More signs emerged Monday that the global credit market crisis was spreading to the relatively robust Asian economy.
Singapore's non-oil exports unexpectedly fell in July as trade dropped sharply with its biggest markets the United States and Europe, providing evidence that the global economic slowdown was hitting Asia's exporters.
And in Hong Kong, economic prospects have dimmed after a shock contraction in economic growth in the second quarter, prompting analysts to downgrade their full-year gross domestic product growth forecasts to 4.3 percent, a Reuters poll showed. That would be the slowest growth since 2003.
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