Global Financial Crisis: Impact On Singapore And Asean

Despite creating a record of number of jobs in 2007 and 2008 (237,000 jobs in 2007 and 202,400 jobs in the first three quarters of 2008) and averaging a growth rate of nearly 10 percent from 2004 to 2007, Singapore was the first East Asian country to fall into a recession from the current global economic crisis in July 2008. It was projected that the Singapore economy will grow by -1.0 to 2 percent in 2009. This paper examines the current state of the Singapore economy and highlights several policy considerations as the City-State adjusts to the current global economic crisis. The paper also discusses the role of ASEAN in the current global economic crisis.