Singapore is poised to be emerging Asia's worst-performing economy next year, when it is likely to remain entrenched in recession as the global downturn erodes demand for its exports, a Reuters poll shows.
The government pledged $1.5 billion last month to help firms secure credit and said it was prepared to run a bigger budget deficit to boost the economy.
Rising unemployment will dent consumer spending, which is not being helped by a decline in tourism since August.
Singapore slipped into recession - defined as two quarters of negative quarterly growth - in the third quarter.
1 comment:
I think that countries around the world are all experincing problems right now. Unemployment rates are skyrocketing as well as a decrease in consumer spending. Governments need to step in, like they have done with $1.% billion and get the economies back on their feet.
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