Singaporean economists revised their forecasts for economic growth on December 11, downsizing their predictions from the previous level of 4.2 percent predicted in September of this year, to 2.2 percent.
A Monetary Authority of Singapore (MAS) poll of 17 economists and analysts forecast growth during 2009 to be just 1 percent, well below the official projection of 4.6 percent just three months ago.
According to the Straits Times, the experts also believe that the economy will stagnate during the final three months of this year, logging growth of just 0.4 percent, down from the 4.8 percent forecast in September.
Singapore is among the most vulnerable countries in East Asia as it is relatively small and its markets are open, making it more vulnerable to a collapse in global demand, said Credit Suisse chief economist Joseph Tan.
Mr. Tan expects zero growth next year, with the first half “almost a complete write-off” and a turnaround predicted for the middle of the year.
However, the World Bank said on December 10 that it expects Singapore's economy to grow 1.2 percent next year and 2 percent in 2010.
Still, this performance will rank Singapore among the worst-performing economies in East Asia next year, according to its forecast.