Guardian,co.uk, 10 Oct 2008, Angela Balakrishnan
Singapore officially slid into recession today after falling consumer demand from the US and Europe hammered its manufacturing exports.
The south-east Asian country's economy contracted by 6.3% in the third quarter, on an annualised seasonally adjusted basis, having shrunk by 5.7% in the second quarter of 2008. This forced the government to cut its growth forecast for this year from 4%-5% to 3%. Analysts had expected a small rise in GDP.
"There's no question that growth will continue to slow down," said Yuwa Hedrick-Wong, economic adviser in Asia for MasterCard Worldwide. "2009 will likely be a very difficult year."
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Related News:
Singapore Singin' The Recession Blues - Forbes.com, 10 Oct 08
Singapore becomes the first Asian victim of recession - Taipei Times, 11 Oct 08
