Bloomberg.com, 21 Nov 2008, Shamim Adam and Chen Shiyin
Nov. 21 (Bloomberg) -- Singapore lowered its growth forecast for a fourth time this year and said the economy may contract in 2009, prompting policy makers to implement more measures to avoid a prolonged slowdown.
The Southeast Asian nation will expand 2.5 percent in 2008, lower than an October forecast for 3 percent growth and less than a third of 2007's pace, the trade ministry said in a statement today. The economy, already in recession, may shrink by as much as 1 percent next year, the first time since 2001.
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