Bloomberg.com, 28 Oct 2008, Shamim Adam
Oct. 28 (Bloomberg) -- Singapore's economy, which entered a recession last quarter, faces ``further slippage'' as a global slowdown threatens manufacturing, consumer spending and tourism, the city-state's central bank said.
The Southeast Asian economy, which is forecast to grow 3 percent in 2008, will probably continue to expand below its ``potential rate'' next year and a recovery in the later part of 2009 will depend on the global outlook, the Monetary Authority of Singapore said in a twice-yearly review today.
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