Singapore to face worst economic crisis since World War II

Lee Hsien Loong, the Prime Minister of Singapore has warned that his country faces its worst economic crisis since World War II, as exports from the country are falling at their fastest rate, down 24% last month on 2008 figures, and down 35% in January.

Experts are predicting that Singapore`s trade-dependent economy will contract by up to 10% this year. Trade has driven Singapore`s economy throughout its 200 years of existence.