SINGAPORE

Worldwide Recession Hurts Economy, Leader Says: Singapore’s economy is suffering the effects of recession in the developed world and this year will be less successful than 1991, Prime Minister Goh Chok Tong said last week. “Our manufacturing and financial sectors, which depend heavily on external demand, will be affected,” Goh said in his message on the eve of Chinese New Year. “Fortunately this will be counterbalanced by the prosperity of our ASEAN neighbors, which will help us through tourism and trade.” The Assn. of Southeast Asian Nations groups Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand. Goh said Singapore was not in a recession but its economy was maturing and economic growth was moderating at a rate sustainable over the long term. Singapore has said it seeks a sustainable long-term growth rate of 4% to 6% per year in view of local shortages of land and labor.