International Herald Tribune, 10 Oct 2008, The Associated Press
SINGAPORE: Singapore's economy contracted in the third quarter as falling consumer demand from the U.S. and Europe hurt manufacturing exports and placed the city-state on the brink of recession, the Trade and Industry Ministry said Friday.
Gross domestic product fell 0.5 percent in the July-September period from the same quarter a year ago, the ministry said. The government also cut its 2008 economic growth forecast to 3 percent from between 4 percent and 5 percent, the ministry said.
"There's no question that growth will continue to slow down," said Yuwa Hedrick-Wong, economic adviser in Asia for MasterCard Worldwide. "2009 will likely be a very difficult year."
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