The Ministry of Trade and Industry (MTI) announced today that it expects the Singapore economy to grow between -2.0 per cent and 1.0 per cent in 2009, lower than the -1.0 per cent to 2.0 per cent range it had forecast in November 2008. This revision is made after a poorer than estimated fourth quarter (Q4) GDP. Q4 2008 GDP contracted 2.6% as compared to the same quarter in year 2007.
Looks like Singapore economy is getting from bad to worse.
MTI Revises 2009 Growth to -2.0 to 1.0 Per Cent [via]
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