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Singapore Says Economy May Contract as Much as 9% (Update2)
By Shamim Adam
April 14 (Bloomberg) -- Singapore said its economy may shrink as much as 9 percent this year, the most in its 44-year history, as a deepening global recession hurt exports and manufacturing.
The economy may shrink 6 percent to 9 percent, the trade ministry said in a statement today, reducing its forecast for the third time since early January. The government previously predicted a contraction of as much as 5 percent.
Singapore stocks fell after exports tumbled for an 11th month amid a slump that’s forced Chartered Semiconductor Manufacturing Ltd. to fire workers and the government to reduce taxes and subsidize jobs. The central bank said it would adjust the trading range for the Singapore dollar, Southeast Asia’s worst performing currency this year.
http://www.bloomberg.com/apps/news?p...eM&refer=home#
By Shamim Adam
April 14 (Bloomberg) -- Singapore said its economy may shrink as much as 9 percent this year, the most in its 44-year history, as a deepening global recession hurt exports and manufacturing.
The economy may shrink 6 percent to 9 percent, the trade ministry said in a statement today, reducing its forecast for the third time since early January. The government previously predicted a contraction of as much as 5 percent.
Singapore stocks fell after exports tumbled for an 11th month amid a slump that’s forced Chartered Semiconductor Manufacturing Ltd. to fire workers and the government to reduce taxes and subsidize jobs. The central bank said it would adjust the trading range for the Singapore dollar, Southeast Asia’s worst performing currency this year.
http://www.bloomberg.com/apps/news?p...eM&refer=home#
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