The Malaysian Insider, 5 Mar 2009
SINGAPORE, March 5 — Minister Mentor Lee Kuan Yew yesterday raised the possibility of Singapore's economy shrinking by as much as 10 per cent this year. This would happen if the country's exports continue to drop at the same speed as they did earlier this year, he predicted. They fell 35 per cent in January.
Said Lee: “If the second quarter shows a further drop of another 30, 40 per cent, it (economic growth) will go down to -10 (per cent).”
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