The Chosun Ilbo (English Edition), 17 Apr 2009
"Singapore's economy contracted 11.5 percent during the first quarter of this year, compared to a year ago. Exports are also down 20 - 30 percent so far this year. Changi Airport, where 63 carriers provide flights to 139 cities around the world, and the port of Singapore, which handles cargo headed to 600 ports in 123 countries, are quieter. According to some projections, Singapore's economy could shrink between six to eight percent this year.
Singapore emerged relatively undamaged from the 1997 Asian financial crisis, which impacted more severely in Korea and other countries in the region. At that time, Lee boasted that Singapore was still the leader of Asian values and the Asian manufacturing model. But he probably has little to say this time. The Financial Times reported that the economy of Singapore was sinking as exports drop rapidly. This is the problem with depending wholly on exports without the support of domestic demand. It is also a problem facing Korea."
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