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SINGAPORE -(Dow Jones)- The International Monetary Fund Tuesday said that Singapore's economy is likely to shrink by about 8% this year as the global economic crisis has pushed the export dependent nation into its worst economic downturn since the 1965.
In its report, after talks with Singapore authorities in May, the IMF said that Singapore's economy is expected to pick up modestly in 2010 as the global economy recovers and that Singapore's gross domestic product will rise by 2.5% that year.
The IMF's assessment of Singapore's GDP for 2009 is worse than the government's estimate of a 4% to 6% contraction.
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