17 Jul '11, 1am

'Singaporeans should brace themselves for the impact of a sluggish global economy in the coming months': Tharman

Singaporeans should brace themselves for the impact of a sluggish global economy in the coming months, said Deputy Prime Minister Tharman Shanmugaratnam (above) yesterday. -- ST PHOTO: DESMOND WEE Singaporeans should brace themselves for the impact of a sluggish global economy in the coming months, said Deputy Prime Minister Tharman Shanmugaratnam yesterday. But the fundamentals of the local economy are still good and a major global crisis like the one in 2008 is unlikely to happen, he added. Mr Tharman, who is also Finance and Manpower Minister, was commenting on flash estimates for Singapore's economic growth in the second quarter released on Friday. Gross domestic product (GDP) grew an estimated 0.5 per cent compared with the same period last year - down sharply from the 9.3 per cent year-on-year growth seen in the first quarter. The slowdown was traced to manufacturing...

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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