Lim Boon Heng, chief of the National Trades Union Congress, also took a swipe at the credibility of analysts who, he said, were quick to predict a recovery was at hand simply based on statistics.

"The reputation of analysts has taken a severe beating in the past few years," Lim said late Saturday (Dec 29) evening in an address to the Singapore Manual and Mercantile Workers' Union.

Confidence remains fragile in the aftermath of the September terror attacks on the United States even though the US-led war against the suspected terrorists in Afghanistan has progressed well, said Lim.

"It is not going to be easy to root out and destroy the terrorist organisations. You can shut down part of it, but it carries on because the other parts still function," he said.

Some economists have said the island's battered economy might have turned the corner after latest trade and manufacturing figures showed smaller declines on the month.

The government said the economy will shrink 3.0 percent this year after a 9.9 percent growth last year. For 2002, gross domestic product is projected at between minus 2.0 percent and plus 2.0 percent.

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