MTI Revises Forecasts for 2009 GDP Growth to -5.0 to -2.0 Per Cent and CPI Inflation to -1.0 to 0 Per Cent

21 January 2009. The Ministry of Trade and Industry (MTI) announced today that Singapore’s GDP growth is likely to be -5.0 to -2.0 per cent in 2009, lower than the -2.0 to +1.0 per cent growth range it had forecast on 2 January 2009. The forecast for inflation in 2009 is also revised downwards to -1.0 to 0 per cent.

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MINISTRY OF TRADE AND INDUSTRY
21 January 2009