Wednesday 4 February 2009

Singapore: The worst is yet to come - UBS

We have lowered our growth forecast for Singapore to -3.5%. Singapore's economy is under attack on several fronts. While the government announced a massive economic stimulus package with its 2009 budget, we think it is unlikely to prevent a major economic contraction.

The Monetary Authority of Singapore has become more likely to announce a one-off devaluation of the Singapore dollar at its next meeting in April.

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