ALTHOUGH Singapore slipped into a recession in 2008, its economic growth was still positive at 1.5 per cent, said Prime Minister Lee Hsien Loong on Wednesday.
It is, however, lower than the annual growth forecast of 2.5 per cent, owing to the severe fallout from the global financial crisis. The anaemic economy dominated Mr Lee's New Year message, which outlined an outlook that continues to be 'highly uncertain' and facing the threat of a rise in retrenchments.
