The Malaysian Insider, 9 Feb 2009
SINGAPORE, Feb 9 – With business prospects hitting lows not seen since 2001, the Singapore economy could contract 5.8 per cent in the present quarter, according to the latest BT-UniSIM Business Climate Survey.
The survey, now in its 14th year, polled 167 firms for their business prospects for the next six months as well as sales, orders and profit performance for the last quarter of 2008.
The survey’s business prospects data, lagged one quarter, is a strong predictor of GDP which, according to survey director Chow Kit Boey, is expected to contract between 4.5 per cent and 5.8 per cent in the first quarter on a year-on-year basis.
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