Forbes, 16 Apr 2009, Oxford Analytica
Government says economic decline will slow, but a full recovery is not expected for three years.
Preliminary estimates from the Ministry of Trade and Industry show that Singapore's gross domestic product plummeted by 11.5% year-on-year in the first three months of 2009, the sharpest rate of contraction since records began. Although anticipating a moderate recovery by the end of the year, the government has found itself unable to do more than manage the decline and prepare public opinion for it.
Distant recovery. Senior Minister Lee Kuan Yew warned last week not to expect a full economic recovery for three years. However, he said the government was expecting the biggest decline to occur in the first quarter, indicating that there will be a gradual upswing through the rest of the year.
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