Singapore's economic slowdown has accelerated over the second quarter and a revision of the government's full-year growth forecast can be expected within a fortnight. It is still expected to project modest positive growth for the year as a whole, unlike most of its struggling neighbours. However, Monetary Authority of Singapore economics chief Khor Hoe Ee yesterday told a seminar that if the region's troubles worsened, it was not inconceivable that Singapore could also be dragged into temporary recession. 'If the external environment becomes more adverse, it's not unfair to think the economy may dip into the negative,' Mr Khor told the seminar at the Institute of Southeast Asian Studies. Singapore leaders have previously all vehemently rejected any suggestion of the dreaded 'R' word. The government's gross domestic product growth forecast this year is 2.5 to 4.5 per cent, which many private sector economists see as too high given the escalating economic woes of many of Singapore's key trading partners in the East Asian region. Singapore managed to record 7.8 per cent economic growth last year, despite the onset of the Asian currency crisis, thanks to a recovery in global demand for electronics. Even in the first quarter of this year Singapore reported very respectable 5.6 per cent growth. But now electronics exports are showing worrying signs of prematurely fizzling out and the region's economic slowdown is turning out to be much fiercer than many expected, which is bound to affect Singapore. Mr Khor said: 'Quarter on quarter, we already have registered a small negative this quarter. 'We're in the process of reviewing the growth rate for the year and we expect that we will come out at the lower end of the official forecast range.' Official second quarter growth figures are not due to be published by the Ministry of Trade and Industry for some weeks but the government is expected to use May trade figures, due out on Saturday, as a benchmark for the year to come. Mr Khor also indicated the government was preparing to announce possible measures to stimulate the economy after reviewing the May trade figures. He did not indicate what this might involve but it is believed the government is considering accelerating infrastructure spending. Vickers Ballas economist Eddie Lee said he thought Singapore's second quarter growth figure would be still positive but perhaps less than 1 per cent. He projected negative figures for the third and fourth quarters. Mr Lee said: 'We've seen a sharper slowdown in electronics than expected, bank loans are slowing and manufacturers are cutting production. The slowdown has been across the board. It is an accumulative thing.' Signs of deterioration in the manufacturing sector were evident in recent non-oil export figures for April-May, which fell 15 per cent year-on-year in US dollar terms and 4 per cent in Singapore dollar terms. Recent figures for money supply and bank credit growth are also symptomatic of an economy heading towards recession. 'The writing is on the wall,' Idea economist Kanika Singh said.