Financial Times, 14 Apr 2009, John Burton
Singapore’s trade-dependent economy contracted by a record 11.5 per cent in the first three months of 2009 from a year ago as exports fell by 17 per cent in March, the 11th consecutive month of declines.
The sharper than expected deterioration in the economy’s performance, after it contracted by 4.2 per cent in the fourth quarter of 2008, forced the government to revise downward its full-year forecast to between minus 6 per cent and minus 9 per cent, making it Singapore’s worst postwar recession.
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