Singapore this month cut its economic growth forecast for 2008 to 3.0 percent from between 4.0 and 5.0 percent after the economy slipped into a technical recession, described as two consecutive quarters of negative growth.Real gross domestic product (GDP) declined by 6.3 percent in the third quarter after contracting 5.7 percent in the previous quarter, according to preliminary government data.The MAS said Singapore's financial sector will suffer from a direct impact, while weakening consumer sentiment will affect retail trade and the property market.Other segments of the econonomy like manufacturing and tourism will suffer from falling external demand, it said