{
  "title": "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",
  "publication": "IMF Staff Country Reports, August 21, 2009",
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  "summary": "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.",
  "sections": [
    {
      "heading": "Key findings and summary",
      "content": "- Singapore was \"severely affected by the global downturn.\"\n- The collapse in external demand led to \"a sharp contraction in GDP, which fell by almost 13 percent in the first quarter of 2009.\"\n- Executive Directors observed that the floating exchange rate regime \"has served Singapore well.\"\n- The \"exchange-rate centered monetary policy framework has been an important source of stability in times of turbulence.\"\n- Authorities were commended for \"proactively implementing a series of measures to safeguard the stability of the financial system.\""
    },
    {
      "heading": "Economic impact and indicators",
      "content": "- GDP: \"fell by almost 13 percent in the first quarter of 2009.\"\n- Subject coverage includes: Balance of payments, Banking, Credit, Currencies, Current account balance, Exchange rates, Financial institutions, Foreign exchange, Loans, Money.\n- Keywords include: 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."
    },
    {
      "heading": "Policy assessment",
      "content": "- Monetary policy framework assessment:\n  - Floating exchange rate regime: praised as having \"served Singapore well.\"\n  - Exchange-rate centered monetary policy: identified as \"an important source of stability in times of turbulence.\"\n- Financial sector measures:\n  - Authorities were commended for \"proactively implementing a series of measures to safeguard the stability of the financial system.\""
    },
    {
      "heading": "Publication and metadata",
      "content": "- Publication date: August 21, 2009\n- Series: Country Report No. 2009/269\n- Issue: 269\n- Volume: 2009\n- Pages: 45\n- ISBN: 9781451834307\n- ISSN: 1934-7685\n- Stock No: 1SGPEA2009002\n- DOI: https://doi.org/10.5089/9781451834307.002\n\nInternational Monetary Fund. \"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\", IMF Staff Country Reports 2009, 269 (2009).\n\n---\n\n Content in this bundle\n\n- cr09269\n  - cr09269 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr09269 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: August 21, 2009",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451834307.002",
    "Singapore was \"severely affected by the global downturn.\"",
    "The collapse in external demand led to \"a sharp contraction in GDP, which fell by almost 13 percent in the first quarter of 2009.\"",
    "Executive Directors observed that the floating exchange rate regime \"has served Singapore well.\"",
    "The \"exchange-rate centered monetary policy framework has been an important source of stability in times of turbulence.\"",
    "Authorities were commended for \"proactively implementing a series of measures to safeguard the stability of the financial system.\"",
    "GDP: \"fell by almost 13 percent in the first quarter of 2009.\"",
    "Subject coverage includes: Balance of payments, Banking, Credit, Currencies, Current account balance, Exchange rates, Financial institutions, Foreign exchange, Loans, Money.",
    "Keywords include: 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.",
    "Monetary policy framework assessment:",
    "Financial sector measures:",
    "Publication date: August 21, 2009",
    "Series: Country Report No. 2009/269",
    "Issue: 269",
    "Volume: 2009",
    "Pages: 45",
    "ISBN: 9781451834307",
    "ISSN: 1934-7685",
    "Stock No: 1SGPEA2009002",
    "DOI: https://doi.org/10.5089/9781451834307.002",
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