Bloomberg.com, 2 Jan 2009, Shamim Adam
Jan. 2 (Bloomberg) -- Singapore’s economy may shrink more than previously forecast in 2009, the government said, citing the worsening global recession and foreshadowing a deepening slump throughout the region.
“The global economic crisis has worsened since November, with sharp declines in global demand, trade and investments,” the trade ministry said in a statement today. The economy may contract as much as 2 percent this year, twice as much as a Nov. 21 prediction, it said.
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