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 non-oil exports fell 17 per cent in March, the 11th consecutive monthly decline.
The-sharper-than-expected deterioration in the economy’s performance forced the government to cut its full-year GDP forecast from minus 6 per cent to minus 9 per cent, which would make it Singapore’s worst postwar recession and Asia’s worst economic performer this year. The economy contracted 4.2 per cent in the fourth quarter of 2008.
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