Inquirer.net, 18 Mar 2009, Vithoon Amorn
BANGKOK -- Singapore will be Southeast Asia's weakest economy, shrinking nearly 5.0 percent this year, while Thailand faces its worst recession in 11 years, reflecting a collapse in exports across Asia, a Reuters poll shows.
The Philippines and Indonesia will be the only economies in Southeast Asia to record growth this year but that growth will be sharply slower than in previous years with Indonesia hit by falling prices of commodities, the bulk of its exports.
Singapore's gross domestic product, or the value of all goods and services produced, is set to shrink 4.9 percent in 2009, according to the median forecast of the Reuters quarterly poll.
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