New figures released by the Singapore Ministry of Trade and Industry Thursday confirmed that the economy shrunk by 2% in 2001. Last year was the worst since records began after independence in 1965.
Growth in 2000 was 10.3%.
There are, however, signs that they may be over the worst. A pick up in trade is expected in the second half of the year and improvents in the global economy are thought likely to boost growth in Singapore by up to 3%, in line with the forecast made by Alan Greenspan Wednesday.
Singapore - Recession Worst Ever
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