The Malaysian Insider, 3 Jan 2009
SINGAPORE, Jan 1 — Although Singapore slipped into recession last year, its economic growth was still positive at 1.5 per cent, said Prime Minister Lee Hsien Loong. It is, however, lower than the annual growth forecast of 2.5 per cent, owing to the severe fallout from the global financial crisis.
The anaemic economy dominated Lee's New Year message yesterday, which outlined an outlook that continues to be “highly uncertain” with the threat of a rise in retrenchments.
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