Business.Scotsman.com
30th Jan 2008
"The IMF counts a global recession as a slowdown in world growth to 3 per cent or less. The reason for this rule is that natural population growth yields 3 per cent economic growth more or less automatically, even if world trade shudders to a halt. There is every reason to believe world GDP growth in 2008 will slump to the "recession" Plimpsoll Line of 3 per cent.
The signs are all around. Singapore may already be in a recession. Its economy contracted for the first time in five years in the fourth quarter of 2007 as electronics exports dropped. "
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