Economic slowdown in the West may make S'pore vulnerable - Minister of State for Trade and Industry

The Republic may be vulnerable to the economic slowdown in the West and the euro zone's sovereign debt crisis, but its strategic location should continue to make it attractive to countries on the expansion path.

"The picture presented by the European economy is not pretty," Minister of State for Trade and Industry Lee Yi Shyan said at the Russia-Singapore Business Forum yesterday.

He said Singaporean exporters will suffer because the European Union is their largest market, followed by China and the United States.

"The immediate crisis will affect us. We are expecting slower growth - in fact some of our manufacturing numbers are coming down," he said.

"We are keeping our fingers crossed for growth prospects for next year."



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