http://www.rgemonitor.com/asia-moni...ismal_growth_expected_for_the_asean_countries
Singapore is dropping quickly; dismal growth expected for the ASEAN countries
Rebecca Wilder | Apr 14, 2009
Singapore's Ministry of Trade and Industry announced a downward revision to its 2009 annual growth forecast on worse-than-expected advanced estimate for Q1 2009 growth, -11.5% since Q1 2008. This is a shocking report, representing a precipitous decline in economic activity in Singapore, and likewise, for the regional ASEAN-5 (the original members of the Association of Southeast Asian Nations, ASEAN).
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The chart illustrates annual growth in Singapore since 1976 including the 2009 forecast. Based on the first quarter of economic activity, -11.5% drop since Q1 2008, Singapore's Ministry of Trade and Industry revised its 2009 growth forecast from between -2% and -5% in January to between -6% and -9% in April (-7.5% average). The forecast represents a sharp deviation away from normal economic activity, its worst since the 1970's (at least).
Advanced estimates show that the Q1 2009 economic contraction was led by a precipitous decline in manufacturing activity, -29% - its fourth consecutive quarterly decline, and services, -5.9% - its second consecutive decline. Construction grew 25.6% on previously committed infrastructure and housing projects, clearly mitigating the pain caused by manufacturing and services.
To be sure, the economy is suffering from a sharp retrenchment in U.S. import demand; but there are secondary effects, too, as regional trade is thus likewise anemic.
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Singapore is dropping quickly; dismal growth expected for the ASEAN countries
Rebecca Wilder | Apr 14, 2009
Singapore's Ministry of Trade and Industry announced a downward revision to its 2009 annual growth forecast on worse-than-expected advanced estimate for Q1 2009 growth, -11.5% since Q1 2008. This is a shocking report, representing a precipitous decline in economic activity in Singapore, and likewise, for the regional ASEAN-5 (the original members of the Association of Southeast Asian Nations, ASEAN).
<!--more-->
The chart illustrates annual growth in Singapore since 1976 including the 2009 forecast. Based on the first quarter of economic activity, -11.5% drop since Q1 2008, Singapore's Ministry of Trade and Industry revised its 2009 growth forecast from between -2% and -5% in January to between -6% and -9% in April (-7.5% average). The forecast represents a sharp deviation away from normal economic activity, its worst since the 1970's (at least).
Advanced estimates show that the Q1 2009 economic contraction was led by a precipitous decline in manufacturing activity, -29% - its fourth consecutive quarterly decline, and services, -5.9% - its second consecutive decline. Construction grew 25.6% on previously committed infrastructure and housing projects, clearly mitigating the pain caused by manufacturing and services.
To be sure, the economy is suffering from a sharp retrenchment in U.S. import demand; but there are secondary effects, too, as regional trade is thus likewise anemic.
----------------------------------------
Latest Updates At Singapore News Alternative:
1. MM Lee: Vietnam better positioned than Spore in global downturn
2. David Hartanto's Family To Take Legal Action In Singapore
3. UBS to Cut 100 Jobs In Singapore
4. Singapore Offers Warning Global Turnaround Still Distant
5. Singapore Armed Forces task group sets off for Gulf of Aden
6. Singapore's foreign minister describes ASEAN escape on blog
7. Singapore to get 39 percent more hotel rooms despite glut
8. Singapore's March Export To Malaysia Contracts 22 Pct
9. Singapore First in Southeast Asia to Use Novel Treatment for Sports and Musculoskeletal Injuries
10. Hopes raised despite fall in Singapore box traffic
11. Spore halt poultry imports from Kentucky counties (USA)
12. Policies for greater equity to Singaporeans?
13. Singapore further slashes trade forecasts to drop by 25%
14. Singapore economy shrinks 11.5 pct y/y in Q1
15. Singapore Says Economy May Contract as Much as 9%
16. Singapore devalues currency as economy slows
17. Vietnamese Students In Spore Turns Volunteers In Their Homeland
.