Bloomberg.com, 16 Mar 2009, Shamim Adam
March 16 (Bloomberg) -- Singapore’s economy this year will probably contract more than economists predicted earlier as companies cut production and fire workers amid declining demand, a central bank survey showed.
Gross domestic product will drop 4.9 percent in 2009, according to a quarterly survey of economists by the Monetary Authority of Singapore released today. That prediction compares with a December forecast for a 1 percent contraction, and an official government estimate of as much as 5 percent.
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