## 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, August 21, 2009_

## Source details

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## Bibliographic details
- Published: August 21, 2009
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451834307.002

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### Key findings and summary
- 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."

### Economic impact and indicators
- 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.

### Policy assessment
- Monetary policy framework assessment:
  - Floating exchange rate regime: praised as having "served Singapore well."
  - Exchange-rate centered monetary policy: identified as "an important source of stability in times of turbulence."
- Financial sector measures:
  - Authorities were commended for "proactively implementing a series of measures to safeguard the stability of the financial system."

### Publication and metadata
- 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

*International 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).*

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/singapore-2009-article-iv-consultation-staff-report-staff-statement-public-information-23226_