The Associated Press, 28 Nov 2008, ALEX KENNEDY
SINGAPORE (AP) — Singapore's central bank warned the city-state's economy, which slid into recession in the third quarter, will continue to weaken, hurting corporate profits and sparking job cuts.
"The economy has slowed down sharply and is expected to weaken further in the period ahead," the bank, known as the Monetary Authority of Singapore, said in a report Friday. "Slowing economic activity will be manifested in reduced corporate earnings and household income, while the unemployment rate is expected to rise."
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