Singapore's Minister Mentor Lee Kwan Yew predicts the economy may contract as much as 10% this year if exports continue to plunge. Job losses may rise in 2009 and reach numbers not seen since the 1997 Asian Crisis as Singapore goes through its worst recession, the government said.
http://www.post1.net/lowem/entry/mm_lee_kuan_yew_singapore_gdp_may_contract_10_in_2009_retail_sales_fall_most_in_decade
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