Singapore's export-dependent economy will take at least three years to recover from the recession triggered by the financial crisis, the Southeast Asian country's most powerful politician was quoted as saying, according to Reuters. The daily Straits Times today quoted former Prime Minister Lee Kuan Yew as saying that a recovery within two to three years was part of an optimistic scenario that assumed a turnaround in the U.S. economy next year. Under a pessimistic scenario, it could take up to six years for the island-state to bounce back from recession, he said. He has previously said that Singapore's recovery depends on that of the United States and that the world's biggest economy was "fundamentally sound".
