Singapore's Ministry of Trade and Industry announced a downward revision to its 2009 annual growth forecast on worse-than-expected advanced estimate for Q1 2009 growth, -11.5% since Q1 2008. This is a shocking report, representing a precipitous decline in economic activity in Singapore, and likewise, for the regional ASEAN-5 (the original members of the Association of Southeast Asian Nations, ASEAN).
The chart illustrates annual growth in Singapore since 1976 including the 2009 forecast. Based on the first quarter of economic activity, -11.5% drop since Q1 2008, Singapore's Ministry of Trade and Industry revised its 2009 growth forecast from between -2% and -5% in January to between -6% and -9% in April (-7.5% average). The forecast represents a sharp deviation away from normal economic activity, its worst since the 1970's (at least).
Read More
