• About Us
    • Fact Checking Policy
    • Ownership & funding information
    • Volunteer
  • Subscribe
  • Letter submission
    • Submissions Policy
  • Contact Us
The Online Citizen Asia
  • Opinion
    • Editorial
    • Commentaries
    • Letters
    • Comments
  • Current Affairs
    • Singapore
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Arts & Culture
    • Consumer Watch
    • NGO
    • Lifestyle
    • Travel
  • Politics
    • Civil Society
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
No Result
View All Result
  • Opinion
    • Editorial
    • Commentaries
    • Letters
    • Comments
  • Current Affairs
    • Singapore
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Arts & Culture
    • Consumer Watch
    • NGO
    • Lifestyle
    • Travel
  • Politics
    • Civil Society
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
No Result
View All Result
The Online Citizen Asia
No Result
View All Result

Singapore economy in record fall

by onlinecitizen
15/04/2009
in Current Affairs
Reading Time: 2 mins read
0

From the BBC:

Singapore’s economy shrank by 19.7% in the first quarter of 2009 compared with the previous three months, its biggest quarterly contraction on record.

Official estimates also showed the economy had shrunk by 11.5% compared with the same period a year ago.

The government now expects the country’s GDP to contract by between 6% and 9% this year, much more than the previous estimate of between 2% and 5%.

Singapore has been hit by a fall in exports during the economic downturn.

Sharp falls

The country’s Ministry of Trade and Industry (MTI) said the economy’s performance was much worse than expected.

“MTI’s earlier forecast had factored in the likelihood of a weak first quarter, but the advance estimates indicate that actual GDP growth will undershoot earlier expectations by a significant margin,” it said.

Manufacturing output fell by 29% in the first three months of the year, compared with the same period last year, pulled down by sharp falls in exports, which fell by an estimated 17% in March.

And the prospects for any quick recovery appear slim.

“With most of Singapore’s key trading partners still in recession, the manufacturing sector will remain weak for the rest of the year,” the ministry said.

Tai Hui at Standard Chartered said: “We still expect to see some signs of stabilisation at the end of 2009, although admittedly mild.”

Earlier this year, Singapore announced a $13bn (£8.6bn) stimulus package to try to boost economic activity.

—-

Read also: Singapore devalues its fading dollar by The Telegraph.

And: Singapore suffers record contraction by The Financial Times.

The Straits Times: Not as bad as it looks.

 

 

For just US$7.50 a month, sign up as a subscriber on The Online Citizen Asia (and enjoy ads-free experience on our site) to support our mission to transform TOC into an alternative mainstream press.
Tags: economyrecession

Related Posts

Current Affairs

Issues That Matter: Uniquely Singapore – F1 or F9?

25/01/2011
Current Affairs

Canadian tells S’poreans to “be grateful”

31/07/2009
Current Affairs

Tighten labour laws to protect older, vulnerable workers

23/07/2009
Current Affairs

An Uneven Economic Recovery

17/07/2009
Current Affairs

Flip-flop on government’s position?

16/07/2009
Uncategorized

No need for more stimulus measures, says Lim Hng Kiang

16/07/2009
Subscribe
Connect withD
Login
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
Notify of
Connect withD
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
0 Comments
Inline Feedbacks
View all comments

Latest posts

Singapore detains student for planning attacks on city

Singapore detains student for planning attacks on city

01/02/2023
Hundreds of Myanmar anti-junta protesters rally in Bangkok

Hundreds of Myanmar anti-junta protesters rally in Bangkok

01/02/2023

6.0-magnitude quake rocks southern Philippines: USGS

01/02/2023
Myanmar streets empty in protest on coup anniversary

Myanmar streets empty in protest on coup anniversary

01/02/2023
MOM says labour market for 2022 improved, but many occupations see decrease in real income

MOM says labour market for 2022 improved, but many occupations see decrease in real income

01/02/2023
Sengkang Town Council is now directly-managed without a Managing Agent

Sengkang Town Council is now directly-managed without a Managing Agent

01/02/2023
高庭驳回迪哥达索取警方录供的刑事动议

CEO of D1 Racing sues a woman to claim S$3 million for “emotional trauma” suffered from being friend-zoned

01/02/2023
Thai police chief apologises for Taiwanese celebrity’s alleged extortion case by police officers

Thai police chief apologises for Taiwanese celebrity’s alleged extortion case by police officers

01/02/2023

Trending posts

Former Singaporean shares change of life in Australia with annual pay of S$80,000 as a plumber

Former Singaporean shares change of life in Australia with annual pay of S$80,000 as a plumber

by Yee Loon
30/01/2023
25

...

Two Indian nationals paid about S$330 and S$730 respectively for forged certificates submitted in their S-Pass application

MOM found issuing EPs meant for foreign PMETs to PRC waitress and general worker

by Correspondent
26/01/2023
41

...

Earning only S$400 a month, delivery-rider turned hawker threw in the towel after two years of running a rojak stall

Earning only S$400 a month, delivery-rider turned hawker threw in the towel after two years of running a rojak stall

by Yee Loon
26/01/2023
24

...

Indian rupee falls 60% since signing of CECA while Singapore becomes top investor in India

by Correspondent
25/01/2023
68

...

Temasek and GIC reportedly in talks with Adani Group accused of “brazen” market manipulation and accounting fraud

Temasek and GIC reportedly in talks with Adani Group accused of “brazen” market manipulation and accounting fraud

by The Online Citizen
26/01/2023
59

...

Ho Ching breaks silence over Temasek’s write down of its US$275 million investment in FTX, says it “can afford to be contrarian”

US regulator questions VCs’ due diligence work prior to investing in FTX; Ho Ching says Temasek can afford to be contrarian

by The Online Citizen
24/01/2023
28

...

April 2009
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
27282930  
« Mar   May »

The Online Citizen is a regional online publication based in Taiwan and formerly Singapore’s longest-running independent online media platform.

Navigation

  • Editorial
  • Commentaries
  • Opinion
  • Politics
  • Community

Support

  • Contact Us
  • Letter submission
  • Membership subscription

Follow Us

  • Facebook
  • Twitter
  • YouTube
  • Instagram
  • Fact Checking Policy
  • Privacy Policy

© 2022 - 2023 The Online Citizen Asia

No Result
View All Result
  • Opinion
    • Editorial
    • Commentaries
    • Comments
  • Current Affairs
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Civil Society
    • Arts & Culture
    • Consumer Watch
    • NGO
  • Politics
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
  • Lifestyle
    • Travel
  • Subscribers login

© 2022 - 2023 The Online Citizen Asia

wpDiscuz