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Singapore escapes recession
SINGAPORE -- Singapore's economy grew 2.2 percent in 2002, Prime Minister Goh Chok Tong said Tuesday, in the middle of the expected range. The government had estimated that Singapore would see economic growth of 2 to 2.5 percent. That means the city escaped a recession in the fourth quarter, after a decline in the third. A recession is defined as two negative quarters in a row. But Goh said Singapore would have to wait until 2004 for a full rebound. "There is a reasonable chance that 2003 will be better than 2002," Goh said in his annual New Year message. "Most likely, we will have to wait until 2004 for a full recovery." Separately, Vietnam reported that its economy grew at 7.0 percent in 2002, the low end of its 7.0 to 7.3 range. That was better than the 6.8 percent growth in 2001. Effect of war not certainIn Singapore, Goh said that a war in Iraq would disrupt the export-focused city's progress. "If war does break out, its impact on the world and on us will depend on whether it is quick or protracted, and on how the Muslim world reacts," he said. "Until these questions are answered, the global economy will remain uncertain." Goh said that Singapore would see growth of 2 to 5 percent in 2003. But he said that the city is still attracting business investment that should create jobs. He noted that the city attracted S$9 billion ($5.2 billion) in overseas investment for manufacturing and more than $2 billion in investment in the services sector during the year. "However gloomy the current outlook, we can ride through this rough patch," Goh said. "The clouds will eventually part as we climb on and reach the sunny highlands."
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