SINGAPORE, Aug 10 — Singapore faces the risks of an annualised contraction in its economy in the second half of 2010 due to a global slowdown but remains on course to be one of the world’s fastest growing countries.The government kept its annual growth forecast for 2010 at 13 per cent to 15 per cent — its strongest yearly expansion — as demand for electronics and a surging flow of tourists will offset a fall in biomedical production due to plant maintenance shutdowns and a possible shift in output mix.
“It is possible that we could have two quarters of negative sequential growth, which would qualify as a technical recession,” Ravi Menon, permanent secretary of the Ministry of Trade and Industry, told reporters today. Full Story
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