Singapore economy set to contract
02-01-2009
Singapore's economy is expected to contract by as much as 2% this year.Official data from Southeast Asia's richest economy, shows a deepening recession in the country's trade-dependent economy.The forecast is a downgrade from the estimated range in November, of either a contraction of 1%, or an expansion of 2% in 2009.The government said the downward revision is because of the worsening global economic crisis, with sharp falls in global demand, trade and investments.
