What is the new item mainly about?

Well, moving around to the Southeast of Asia now, a gloomy forecast out of Singapore. The government says its economy will likely shrink by between 6 and 9% this year. The announcement comes as the city-state’s first quarter GDP feU almost 12% from a year ago. In seasonally adjusted terms it was even more brutal than that actually. Singapore is reducing its output for the third time this year, as demand for its exports continues to fall amidst a worsening financial crisis. It previously predicted just a 5% contraction for the full year.