Yahoo! reports: Singapore economy plummets 20 pct in first quarter.
Singapore's economy plummeted nearly 20 percent in the first quarter, its biggest contraction ever, flagging a miserable start to the year for other export-dependent Asian nations grappling with the worst global slump in decades.
The government now expects the economy to shrink between 6 percent and 9 percent this year from a previous forecast of a drop between 2 percent and 5 percent, the ministry said in a statement. The 2009 growth forecast has now been cut three times.
If you need to cut your forecast thrice in three months, your forecast is shit!
And you've already dropped 20% and your forecast is 9%? How exactly does that work?
FAIL.
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