Growth To Turn Negative In 2009

Singapore's Ministry of Trade and Industry (MTI) has further downgraded the nation's GDP growth forecast for 2009 to between negative 1.0% and positive 2.0%, amid challenging global economic conditions. Likewise, growth for 2008 is now expected to come in at 2.5%, as opposed to earlier estimates in October of around 3.0%. We too have adopted a significantly more bearish outlook on Singapore, and in light of recent events, we have decided to once again revise down our 2008 and 2009 forecasts - substantially in the case of the latter.

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