Singapore may slip into recession

SINGAPORE/SEOUL: Singapore's expansion eased in 2012 as weak growth in advanced nations and hiring constraints hurt the city state's economy, Prime Minister Lee Hsien Loong said. Gross domestic product rose 1.2% in 2012, Lee said in his New Year message in Singapore on Monday.

The growth rate, he estimates, implies a fourth-quarter contraction from the previous three months that pushed Singapore into a technical recession, said Michael Wan, an economist at Credit Suisse Group. "It's a disappointing number," Wan said.