http://www.nasdaq.com/aspx/stock-ma...re-severely-hurt-by-crisis;09-gdp-may-fall-8%
Nasdaq, 31 Aug 2009
SINGAPORE -(Dow Jones)- The International Monetary Fund Tuesday said that Singapore's economy is likely to shrink by about 8% this year as the global economic crisis has pushed the export dependent nation into its worst economic downturn since the 1965.
In its report, after talks with Singapore authorities in May, the IMF said that Singapore's economy is expected to pick up modestly in 2010 as the global economy recovers and that Singapore's gross domestic product will rise by 2.5% that year.
The IMF's assessment of Singapore's GDP for 2009 is worse than the government's estimate of a 4% to 6% contraction.
The IMF said that Singapore's monetary policy remains "appropriate" and that it "should stay the course" until a recovery is well established.
The central bank uses the exchange rate rather than interest rates as its policy tool to maintain price stability and support growth due to the economy's big reliance on overseas demand for growth.
"There was agreement that, once a recovery is well established, a return to a trend appreciation for the nominal effective exchange rate would safeguard price stability as slack in the economy is taken up," the IMF said.
It also aid that "inflation would fall to about zero in 2009, on the back of lower food and energy prices and a widening output gap."
-By P.R. Venkat and Costas Paris, Dow Jones Newswires;
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Nasdaq, 31 Aug 2009
SINGAPORE -(Dow Jones)- The International Monetary Fund Tuesday said that Singapore's economy is likely to shrink by about 8% this year as the global economic crisis has pushed the export dependent nation into its worst economic downturn since the 1965.
In its report, after talks with Singapore authorities in May, the IMF said that Singapore's economy is expected to pick up modestly in 2010 as the global economy recovers and that Singapore's gross domestic product will rise by 2.5% that year.
The IMF's assessment of Singapore's GDP for 2009 is worse than the government's estimate of a 4% to 6% contraction.
The IMF said that Singapore's monetary policy remains "appropriate" and that it "should stay the course" until a recovery is well established.
The central bank uses the exchange rate rather than interest rates as its policy tool to maintain price stability and support growth due to the economy's big reliance on overseas demand for growth.
"There was agreement that, once a recovery is well established, a return to a trend appreciation for the nominal effective exchange rate would safeguard price stability as slack in the economy is taken up," the IMF said.
It also aid that "inflation would fall to about zero in 2009, on the back of lower food and energy prices and a widening output gap."
-By P.R. Venkat and Costas Paris, Dow Jones Newswires;
--------------------------
Latest updates @ Singaporenewsalternative.blogspot.com
1. IMF:Singapore 2009 GDP will be worse than what govt had forcasted
2. West sparks Singapore fund shake-up
3. Pirates attempt to board bulker in Singapore Strait
4. Does a legalized market for kidneys in Singapore violate human dignity?
5. 12 member delegation from Singapore on week long tour of TN
6. IMF urges Singapore to keep monetary policy settings
7. Singapore moisture-resistant film research gets funding
8. Call to maximise Singapore connection
9. Singapore continues to be major attraction for indian tourists
10. Singapore's Media Development Authority Launches Asia's Premier Digital Media Facility
11. Temasek's Revised Charter
12. Elderly in Singapore generally well taken care of: poll
.
