Macroeconomic Forecast Singapore

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Taking into account the poor non-oil domestic exports (NODX) data reported over the fourth quarter of 2008 and our bearish outlook for many of Singapore's main trading partners, we continue to expect the island-nation's trade-dependent economy to suffer throughout 2009. Indeed, we are forecasting real GDP to contract by 2.8%, this year, but caution that risks are weighted to the downside.