| Bloomberg February 9, 2009 Singapore SINGAPORE'S recession could deepen this quarter amid slumping exports as economies in the US and Europe deteriorate, said Song Seng Wun, an economist at CIMB-GK Securities Pte, in Singapore. "We could see GDP fall by as much as 12 per cent in the first quarter from a year ago," Song told CIMB clients on Monday, Feb 9. Gross domestic product contracted 3.7 per cent in the fourth quarter from a year earlier, and the government said last month the economy may post its biggest contraction on record this year amid the deepening global recession. Singapore's exports may fall by 30 per cent this quarter and drag the economy down, Song said. "The decline in exports could be worse given that some electronics manufacturers in Singapore are operating at less than 30 per cent of their capacity," he said. The US and Europe are two of the city-state's biggest export markets. |
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