The Associated Press, 31 Dec 2008
SINGAPORE (AP) — Singapore's economic growth slumped to 1.5 percent in 2008, its slowest pace in seven years, as a severe global downturn hurt tourism and demand for the city-state's exports, Prime Minister Lee Hsien Loong said Wednesday.
"The fall in worldwide demand has hit our exports, our tourism sector and our broader economy," Lee said in a statement. "Our economy will probably contract further."
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