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February 1, 2009

Singapore: Manufacturers downbeat over outlook
Singapore manufacturers are more pessimistic on their business prospects, a government survey showed on Friday, in the latest sign of the deepening impact of the global downturn on the city-state's economy.

Overall, a net weighted 57 percent of manufacturers said they expect business conditions to deteriorate in the next six months to June 2009, Reuters quoted Singapore's Economic Development Board as saying in a statement.

This compares with the Board's previous survey in October when a net weighted 18 percent of manufacturers were pessimistic on the outlook.

Singapore's trade-dependent economy could shrink up to 5 percent this year, the government estimates, after the country was the first in Asia to fall into recession last year as weakening global growth hammered demand for its exports.

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