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China Daily | Updated: 2009-03-17 07:44

Growth forecast slashed

Singapore analysts slashed forecasts for 2009 economic growth - and now expect a severe recession - as the global slowdown hurts demand for the city-state's exports.

The country's gross domestic product will likely shrink 4.9 percent this year, according to the median forecast of 20 economists in a quarterly survey released by the central bank yesterday.

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