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Singapore in its worst recession for years: the effects of the current economic crisis on the city-state's economy
[journal article]
Abstract Due to the current economic downturn, Singapore has experienced one of its most severe recessions since independence. The financial crisis, which caused a fall in prices at most of the world's leading stock exchanges and a sharp decline in industrial production, has also had a negative impact on the... view more
Due to the current economic downturn, Singapore has experienced one of its most severe recessions since independence. The financial crisis, which caused a fall in prices at most of the world's leading stock exchanges and a sharp decline in industrial production, has also had a negative impact on the city-state's export-dependent economy. The analysis outlines the economic downturn and the decline of Singapore's export economy since the beginning of the crisis in late 2008. Central to the analysis are questions regarding the social consequences of the current economic crisis and the amount of losses Singapore’s state-owned holding companies, Temasek and GIC, experienced when some of the world’s biggest investment banks, such as Merrill Lynch, went into bankruptcy.... view less
Keywords
export trade and industry; economic crisis; social problem; migrant worker; financial crisis; Singapore; recession; economic impact; social effects
Classification
Political Economy
Free Keywords
Economics; political science; Singapore; crisis; domestic economy; migrant workers; recession; current
Publication Year
2009
Page/Pages
p. 95-110
Journal
Journal of Current Southeast Asian Affairs, 28 (2009) 4
ISSN
1868-4882
Status
Published Version; peer reviewed
Licence
Creative Commons - Attribution-Noncommercial-No Derivative Works