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Wednesday, October 08, 2008

Singapore Heading for Recession

Singapore appears to be heading for its first recession since 2002 amid global suffering its worst financial crisis since the Great Depression. The Singapore government is expected to announce its 3Q GDP this coming Friday (10 Oct). The Monetary Authority of Singapore is expected to ease monetary policy on Friday to boost export since inflationary pressure is easing and manufacturing data is weak. Singapore manufacturing output for August 2008 dropped 12.2% and this does not look optimistic for the coming GDP report.

The possibility of a technical recession, which is two consecutive quarter-on-quarter declines in growth in the GDP is more prominent than ever.

Recession looms for Singapore: economists

Singapore Manufacturing Output Drops 12.2% in August 2008

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