Littlespeck.com, 17 Mar 2009
For years, Singapore has enthusiastically embraced globalisation for its economical survival - mostly because of need - and when it fails in a big way, the city-state pays for it.
The following headlines during the past 24 hours have shown how badly its economy has been affected: -
** Singapore’s non-oil exports fell by double digits –or 23.7% - again in February, the 10th straight month of shrinking trade. It was, however, a better figure January's 34.8% crash.
** A central bank survey showed the economy could shrink by a record 8.5% in the first quarter of 2009, and by 4.9% for the whole year, pushing the Singapore dollar down to 1.56 against the US$ by year-end.
** More graduates are losing jobs; the number who lost their jobs rose sharply to 14,800 or 21 per cent in December, up from 6,200, Ministry of Manpower reported.
Read More
