For the first time in history, the government has announced that Singapore's economic growth may fall below its projections.
Following a statement by the Finance Minister that Singapore may soon face a technical recession (two consecutive quarters of economic contraction), Trade and Industry Minister Lim Hng Kiang says that economic growth may dip below 4%.
This is due to the ongoing financial crisis in the United States, which has lowered the likelihood of an earlier economic growth forecast of 4-5%.
Seems like the bad news just doesn't stop coming does it? Let's not forget that the 4-5% projection was already a lowered one in the first place. It's in times like these that I wish tiny Singapore wasn't so vulnerable to externalities. Why, even the safety of the milk we drink isn't entirely up to us...