08 Aug '11, 1pm

Singapore may be heading for technical recession - Channel NewsAsia #TEAMFOLLOWBACK

Singapore may be heading for technical recession - Channel NewsAsia #TEAMFOLLOWBACK

SINGAPORE: Singapore has revised down its full-year economic growth forecast for this year amid renewed turbulence in the global financial markets. It is now expecting growth to come in at between 5 and 6 percent instead of the original projection of 5-7 percent. This was revealed by Prime Minister Lee Hsien Loong in his National Day message on Monday. And with the economic outlook looking more uncertain going forward, economists are not ruling out a technical recession for Singapore. Asia, led by China and India, is expected to continue growing. But the global outlook remains uncertain. "Europe's debt problems are far from solved, despite the recent bailout of Greece by the EU. The US economy remains sluggish. The US President and Congress have agreed to raise the debt ceiling, but have put off difficult decisions to raise taxes and cut spending. Japan has the added burde...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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