SINGAPORE - When the global financial crisis hit in 2008, Singapore's trade-geared economy was the first in Asia to fall into recession and it recorded negative growth the following year. Now, as Europe and the United States teeter towards a possible double dip recession, the island nation is bracing for possible hard economic times.
As a small, open economy, Singapore has historically been highly vulnerable to global economic swings. Its economic growth is still highly reliant on commercial trade, with merchandise exports representing over 220% of gross domestic product (GDP), according to investment bank Credit Suisse research. Full story
