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Written by Kathy Nargi-Toth
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Monday, 11 August 2008 |
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SINGAPORE -- Singapore economic growth dropped sharply, down to 2.1% for Q2 2008 following a 6.9% increase in Q1 according to the Ministry of Trade and Industry (MTI). Experts say the US slowdown had begun to hit Asia.
The weak second quarter economic performance was due to a contraction in the biomedical sector and sluggish growth in the electronics industry, both lynchpins of Singapore's trade-led economy, the trade ministry said. Back in June Singapore's electronics industry was up, reversing a one-month fall into recession, but overall growth has been slow for this export segment during 2008.
"The GDP growth in the second half is likely to be broadly similar to the first half," the ministry said. "Weaker demand in the major economies, coupled with the need to contain inflationary pressures, will dampen growth in the fast growing Asian economies."
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