Monday, September 22, 2008

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Singapore Government: Recession not rule out as Singapore exports fall

A decline in Singapore's August exports, the fourth straight month of decline, has raised the risk of a technical third-quarter recession.

Just in June 2008, Tharman Shanmugaratnam, Singapore Finance Minister, has said that Singapore is not heading for a recession in 2008. But the continued decline in exports has now raised concern about a possible recession. In an e-mailed response to an Associated Press inquiry, Tharman said that a recession "cannot be ruled out".

Singapore's Trade Minister Lim Hng Kiang was quoted as saying the economy may grow below the government's forecast of 4%-5% this year as the global credit crisis hurts demand for exports.

May also want to read:
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Property Price Index Graph Plotter & Online Property Valuation
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HDB Resales: West Sees Highest Price Increase


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