The Singaporean government expects that gross national income will fall by five percent this year, contrary to earlier announcements that it would decrease by one to two percent. GDP in Singapore last year was $50,000 per capita.
Economic growth in Singapore was 1.2 percent last year, which is significantly lower than the 7.7 percent achieved in 2007. The slowdown in the manufacturing, trade, transportation and storage, communication and information, and finance sectors has greatly contributed to this situation. The global economic crisis has led to a significant decline in cash management and stock trading in the second half of last year, and a decrease in supply and demand is also expected this year for the same reasons. The Ministry of Trade also states that this year, the decline in retail and unemployment in the United States, as well as the decline in industrial production in Europe, will pose significant problems for Asian exporters. The only good news announced is that inflation will ease this year. (T.Vi.)
