Recession Claims First Victim In Asia
(AFP/Taipei Times)
Stock market declines in the United States and Europe that are rippling a global recession, claimed the first victim in Asia as Singapore’s economy goes into a recession, reports the Taipei Times.
Yesterday, the government revised downward its full-year growth estimate and eased monetary policy for the first time in years.
A slowdown in the global economy and key domestic sectors have been cited as the Ministry of Trade and Industry lowered the city-state’s full-year growth forecast to around 3 percent.
The move came as the ministry released preliminary data showing that real GDP declined by 6.3 percent in the third quarter after contracting 5.7 percent in the previous quarter, the ministry said.
http://www.taipeitimes.com/News/front/archives/2008/10/11/2003425613
