Singapore’s economic stability is what gives it an edge over other countries, especially the Western economies of US and UK.

The move was criticised as being sudden and pre-emptive by then Labour chief Lim Swee Say.

The slowest are Europe and Japan, who lack recovery momentum as they continue to face challenging obstacles to growth. The challenge of having a strong economy in a low-interest environment is how to manage the potential side-effect of a real estate bubble and the impact of a stronger home currency. Housing and employment are two of the most improved economic indicators.

Developing and “emerging Asia” economies are on the fast track, growing at impressive rates, while other bigger economies are lagging behind.

Singapore had been one of the nations severely affected by the 2008-09 global financial and economic crisis. However, long-standing fiscal challenges threaten to derail the recovery if not dealt with in the short term. It is therefore not surprising that Singapore is one of the world’s fastest recovering economies post-recession. Such uneven growth makes for a fragile global economy.

In October 2008, MAS joined 13 other major central banks in a US Dollar swap facility with the US Federal Reserve.

Crisis, the 1997 Asian Financial Crisis, and the 2008 Global Financial Crisis. Singapore should examine the impact of structural deficits in the economy and the need for fiscal consolidation to help manage strong capital inflows. The government has instituted limits to curb housing prices to reduce the risk to the rest of the economy. Though Asia’s emerging nations lead the global recovery, they could still face medium-term challenges should policy reforms prove insufficient. Riding the global economic crisis in Singapore 5 January 2009. The challenge going forward for the city-state will be how to leverage the fast speed of recovery while protecting the economy from the shocks of troubled large economies. To avoid middle-income stagnation Singapore may need to leverage tactics such as economic rebalancing, greater infrastructure investment, and reforms in goods and labor markets. The United States is recovering at mid-speed with a moderate but steady pace.

Please contact the Library for further reading materials on the topic. Here is a short clip on Singapore… Output losses after the crisis appear to be persistent, irrespective of whether a country suffered a banking crisis in 2007–08.

This case study was written by Woo Jun Jie under the guidance of Dr. Adrian Kuah and Jean Chia from the Lee Kuan Yew School of Public Policy (LKYSPP), National University of Singapore and has been funded by the LKYSPP. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Signs point to a country on the mend after the financial crisis that erupted in 2008. Contact us anonymously through this To get a media kit and information on advertising or sponsoring (The IMF catalogues “emerging Asia” as: China, Hong Kong SAR, India, Indonesia, the Republic of Korea, Malaysia, the Philippines, Singapore, Taiwan Province of China, Thailand, and Vietnam.) It divides countries into three economic growth categories: those that are doing well, those that are on the mend, and those that still have some distance to travel. This article is for general information purposes only. The IMF had to go from a two-speed model to three due to a continued stagnation of the European and Japanese economy while the US and others experience growth. This paper takes stock of the global economic recovery a decade after the 2008 financial crisis. The pace has been slow, but sustained, fueling a rise global optimism. It is not intended to be an exhaustive or complete history of the subject. Alfonso Esparza is a Senior Currency Analyst at OANDA. Leveraged trading is high risk and not suitable for all.

Nonetheless, the global crisis did lead the Monetary Authority of Singapore (MAS, Singapore’s central bank) to step up financial system surveillance and prudential oversight. Going forward it is a possibility that this framework could become more fragmented as the US faces the risk of being outpaced by members of its speed group. At the centre of the minibond fiasco was the Development Bank of Singapore (DBS), which took the drastic step of retrenching 900 staff in November 2008 to cut costs. The ECB has been in the front line of bailing out countries in need with active mechanisms, but the lag in deep structural changes has made austerity a huge political issue. The first decade of the 21st century ended with a bleak world economic outlook following the 2008–2009 global financial crisis, which was headlined by the collapse of American investment bank Lehman Brothers in September 2008.

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