The Associated Press, 21 Nov 2008
SINGAPORE (AP) — Singapore's economy has skidded into a recession for the first time since 2001, the government said Friday, warning that it could contract by up to 1 percent next year as a global slowdown saps export demand.
The city-state's economy shrank 6.8 percent in the third quarter from the previous quarter, more than the 6.3 percent contraction estimated last month, the Trade and Industry Ministry said in a statement.
"Singapore's economy is expected to face a broad-based slowdown in 2009," the ministry said. "Considerable uncertainty remains as to how deep and long this downturn will last."
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