World Economy

Singapore lowers economic growth prospects

Singapore lowers economic growth prospectsSingapore  - The Singapore government has lowered the city state's economic growth projection to between minus 2 per cent and plus 1 per cent for 2009, lower than it had forecast in November 2008.

The global economic crisis has worsened since November, with sharp declines in global demand, trade and investments, said the Trade and Industry Ministry in a statement Friday.

In November, the ministry had anticipated growth ranging from minus 1 per cent to plus 2 per cent.

British opposition still strong despite economic woes

British opposition still strong despite economic woes London  - Despite gloomy economic forecasts and a weakening pound, an overwhelming majority of people in Britain remain opposed to joining the European single currency, an opinion poll published Thursday showed.

The ICM poll, conducted for BBC radio, showed that 10 years after the launch of the European single currency, 71 per cent of Britons reject the introduction of the euro in their country, while 23 per cent are in favour.

Slovakia drops koruna, adopts euro

Slovakia drops koruna, adopts euroBratislava  - Slovakia abandoned its currency of 15 years, the Slovak koruna, and adopted the euro on Thursday, in a move that sealed the ex-Soviet satellite's economic success.

The central European country of 5.4 million is the second formerly communist country, after Slovenia, to qualify for the switch to Europe's common currency.

Slovakia is the 16th member of the eurozone, which faces a sharp economic downturn following the turmoil on global financial markets.

Singapore prime minister warns of difficult 2009

Singapore prime minister warns of difficult 2009Singapore  - Singapore's open economy cannot avoid being hit by the global economic recession and will face difficult prospects this year, Prime Minister Lee Hsien Loong warned in his New Year's message delivered Wednesday night.

The global economic recession, the most serious in 60 years, would be followed not by a quick rebound, but by several more years of slow growth, Lee cautioned. He said he expected the first half of this year to be difficult for Singapore with more companies downsizing, resulting in job losses.

Mortgage rates in US fall to lowest level in decades

Mortgage rates in US fall to lowest level in decades Washington  - Mortgage rates for 30-year-fixed home loans in the United States fell for the ninth straight week and to their lowest level in 37 years, according to a report released Wednesday by financier Freddie Mac.

The rate dropped in the final week of December to 5.10, down from the 5.14 rate the previous week, Freddie Mac said. For the same period in 2007, the rate was at 6.07 per cent.

The mortgage rate has not been this low since Freddie Mac began the survey in 1971.

Swedish central bank governor: Bleak economic prospects for 2009

Swedish central bank governor: Bleak economic prospects for 2009 Stockholm  - The outlook for the Swedish economy in 2009 is bleak, although predictions are difficult to make, Swedish central bank governor Stefan Ingves said Wednesday.

The Swedish central bank's assessment is that the "the global financial crisis will continue to impact the Swedish economy despite sizeable countermeasures," Ingves said in an op-ed piece in the Dagens Nyheter daily.

The Swedish gross domestic product was expected to fall in 2009.

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