Singapore's Prime Minister, Lee Hsien Loong reportedly said the economy may contract more than 5% this year. It could be worse if the global economy worsens, even lower than minus 5% is possible, Lee reportedly said.
The Singapore government expects the economy to shrink between 2% and 5% this year. On a seasonally adjusted, annualized quarter-on-quarter basis, real GDP declined 16.9% in the fourth quarter of 2008 compared to a fall of 5.1% in the previous quarter.
For comments and feedback: editorial@rttnews.com