Time.com, 28 Apr 2009, Neel Chowdhury
The economic numbers could hardly appear more horrible for Singapore. Non-oil exports plummeted by 11% in March from the previous year, following even steeper falls the preceding two months. Since its 2008 peak the Singapore dollar has lost more than a tenth of its value against the U.S. dollar, making it one of the worst performing currencies in Asia so far this year. And, if this drumbeat of economic gloom wasn't enough, the Singapore government has repeatedly revised its economic growth projections, growing more vigorously pessimistic with each try. It now expects Singapore's gross domestic product to shrink by up to 9% in 2009, which would likely be the sharpest contraction in Asia this year.
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