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Singapore on the mend after worst slump since 1965
19 Nov 2009The economic recovery in Asia looked even more assured today after Singapore said it will expand next year now that it has pulled out of the deepest recession since independence in 1965.
Officials at the trade ministry said the economy will grow by 3% to 5% next year. This year it shrank 2.5%.
However, the ministry said the island's outlook for next year was closely linked to global conditions.
Vishnu Varathan, an economist at Forecast Singapore, said: “Singapore's recovery, like many other Asian economies, will be patchy.” Singapore is preparing to follow Australia and India in reversing stimulus measures as the world economy recovers.
