Singapore: 2009 Article IV Consultation: Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Singapore
August 21, 2009
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This 2009 Article IV Consultation highlights that Singapore has been severely affected by the global downturn. The collapse in external demand has led to a sharp contraction in GDP, which fell by almost 13 percent in the first quarter of 2009. Executive Directors have observed that the floating exchange rate regime has served Singapore well, and that the exchange-rate centered monetary policy framework has been an important source of stability in times of turbulence. They have commended the authorities for proactively implementing a series of measures to safeguard the stability of the financial system.
Subject: Balance of payments, Banking, Credit, Currencies, Current account balance, Exchange rates, Financial institutions, Foreign exchange, Loans, Money
Keywords: Asia and Pacific, CR, Credit, Currencies, Current account balance, electronics export, Exchange rates, export data, Global, ISCR, Loans, output contraction, outturn, Singapore, Singapore economy, staff appraisal
Pages:
45
Volume:
2009
DOI:
Issue:
269
Series:
Country Report No. 2009/269
Stock No:
1SGPEA2009002
ISBN:
9781451834307
ISSN:
1934-7685
