singapore-slump-makes-for-a-toxic-cocktail

Singapore slump makes for a toxic cocktail

Economists fear that the Lion City will fall into the worst recession in its history, while hope rests on a resurgence of intra-regional trade.

By Rupert Walker

January 05, 2009

Where Singapore leads, other Asian countries must fear to follow. Often considered AsiaÆs bell-weather economy, the Lion City continues to shock its neighbours and economists with data that casts a murky cloud over the region. The Singapore slump is a cocktail that induces an immediate and thunderous New Year hangover.

On Friday, the Singapore government cut its GDP forecast for 2009 to a range of -2% to 1% compared to its projection of between -1% and 2% made in November. The revision came after it announced a contraction of 2.6% in the fourth quarter from a year earlier. It cited a worsening global economic crisis, manifested by sharp falls in global demand, trade and investment....

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Southeast Asia