<TABLE id=msgUN cellSpacing=3 cellPadding=0 width="100%" border=0><TBODY><TR><TD id=msgUNsubj vAlign=top>
Coffeeshop Chit Chat - PM Lee: Spore Faces Years Of Slow Growth</TD><TD id=msgunetc noWrap align=right>
Subscribe </TD></TR></TBODY></TABLE><TABLE class=msgtable cellSpacing=0 cellPadding=0 width="96%"><TBODY><TR><TD class=msg vAlign=top><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR class=msghead><TD class=msgbfr1 width="1%"> </TD><TD><TABLE cellSpacing=0 cellPadding=0 border=0><TBODY><TR class=msghead><TD class=msgF noWrap align=right width="1%">From: </TD><TD class=msgFname noWrap width="68%">SGNEWSALTE <NOBR></NOBR> </TD><TD class=msgDate noWrap align=right width="30%">2:32 am </TD></TR><TR class=msghead><TD class=msgT noWrap align=right width="1%" height=20>To: </TD><TD class=msgTname noWrap width="68%">ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (1 of 10) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft width="1%" rowSpan=4> </TD><TD class=wintiny noWrap align=right>3415.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>Finally the PAP government is starting to be more open about the fate of Singapore's economy in the coming years. As I have said before, the current global situation is more serious than what 154th has been printing, and it may go into a depression if the new US govt do not get their acts right. Despite what MM Lee said, both China and India will not be able prevent a downward recessionary spiral regardless of the huge reserves they have. This winter is going to be long and hard. Preserve whatever cash you have and spend wisely.
http://www.google.com/hostednews/ap/article/ALeqM5ixM7Q-rota6NUElM_rCNT0jwuJ7wD94SEHEG0
Singapore faces years of slow growth, PM Lee says
1 hour ago
SINGAPORE (AP) — Singapore's economy may shrink for a year and faces slow growth for several more as a global downturn undermines demand for the city-state's exports, Prime Minister Lee Hsien Loong said Friday.
"I think the recession may last a year," Lee said at a luncheon with foreign journalists in Singapore. "But the recovery from the recession is likely to be weaker than from previous recessions and we must be prepared for several years of slow growth."
Gross domestic product began contracting in the second quarter as demand dried up from the U.S. and Europe for Singaporean electronics and pharmaceuticals. Non-oil exports fell 15 percent in October from a year earlier and industrial production dropped 13 percent.
The government said last month the economy shrank 6.8 percent in the third quarter from the previous quarter after contracting 5.3 percent in the second quarter.
The government expects 2.5 percent growth this year and economic activity next year to range from a 1 percent contraction and 2 percent growth.
<HR SIZE=1>Edited 12/5/2008 5:33 am ET by SGNEWSALTE</TD></TR><TR><TD> </TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>
http://www.google.com/hostednews/ap/article/ALeqM5ixM7Q-rota6NUElM_rCNT0jwuJ7wD94SEHEG0
Singapore faces years of slow growth, PM Lee says
1 hour ago
SINGAPORE (AP) — Singapore's economy may shrink for a year and faces slow growth for several more as a global downturn undermines demand for the city-state's exports, Prime Minister Lee Hsien Loong said Friday.
"I think the recession may last a year," Lee said at a luncheon with foreign journalists in Singapore. "But the recovery from the recession is likely to be weaker than from previous recessions and we must be prepared for several years of slow growth."
Gross domestic product began contracting in the second quarter as demand dried up from the U.S. and Europe for Singaporean electronics and pharmaceuticals. Non-oil exports fell 15 percent in October from a year earlier and industrial production dropped 13 percent.
The government said last month the economy shrank 6.8 percent in the third quarter from the previous quarter after contracting 5.3 percent in the second quarter.
The government expects 2.5 percent growth this year and economic activity next year to range from a 1 percent contraction and 2 percent growth.
<HR SIZE=1>Edited 12/5/2008 5:33 am ET by SGNEWSALTE</TD></TR><TR><TD> </TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>
