Singapore's economy this year could grow below the government's estimate of 2.5 percent, as the open economy suffers from the global economic slowdown, its trade minister said on Tuesday.
"We believe the growth for this year will come slightly below our earlier projections of 2.5 percent," Singapore's Trade and Industry Minister Lim Hng Kiang told reporters on the sidelines of an event of the Association of Southeast Asian Nations (ASEAN).
He added that the country is facing "a very difficult trade environment," although some sectors of the economy, such as general manufacturing, are growing well.
Singapore's economy has entered into recession after its gross domestic product (GDP) contracted in the second and third quarters. Last month, the government lowered its 2008 growth forecast to 2.5percent and said in 2009 its economy could shrink one percent and would grow 2 percent at best.
The government pledged to spend 2.3 billion Singapore dollars (1.5 billion U.S. dollars) to help companies get credit from bank.
Source: Xinhua
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