The Associated Press, 5 Dec 2008
SINGAPORE (AP) — Singapore's economy may shrink for a year and faces slow growth for several more as a global downturn undermines demand for the city-state's exports, Prime Minister Lee Hsien Loong said Friday.
"I think the recession may last a year," Lee said at a luncheon with foreign journalists in Singapore. "But the recovery from the recession is likely to be weaker than from previous recessions and we must be prepared for several years of slow growth."
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