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Singapore recession 2008

""The world is caught up in a financial storm, and dark clouds fill our immediate horizon. As prices fell, some borrowers realized they had a mortgage that is way more than their house was currently worth. The fear and panic gripping financial markets everywhere will take time to subside. This has led to more defaults and hence prices are being pushed down further.The high delinquency rates led to a rapid devaluation of financial instruments including both MBS, CDOs and other derivatives. SINGAPORE - A decline in Singapore's main exports for the fourth straight month has raised the risk of the region's richest economy falling into a technical third-quarter recession, analysts said Wednesday. "There's no question that growth will continue to slow down," said Yuwa Hedrick-Wong, economic adviser in Asia for MasterCard Worldwide. When homeowners are unable to pay or cease to make their payment, we call this a default.The bank (the original lender) often pass the mortgage paper to another third party, which means borrowers do not necessarily pay its interest to the original lender but rather to whoever holds the mortgage paper. It was hailed as Singapore’s worst ever recession. Since 1984, Singapore has gone through 4 recessions, of varying intervals between 7 to 14 years. This forced the government to cut its growth forecast for this year from 4%-5% to 3%. After several years of rapid growth, the economy experienced its deepest recession in late 2008 and early 2009. Commentary: Singapore and the dreaded R word - recession Bad news is good news for the prepared, says Singapore Business Federation CEO Ho … Singaporeans who have not forgotten the impact of the last recession have been bracing themselves for the next recession by reducing debts, increasing savings, adopting a more affordable lifestyle and working out the buffer period they can survive without a steady income. Theme designed by Best Hotels & Prices For Spectacular SG50 NDP Celebrations After several years of rapid growth, the economy experienced its deepest recession in late 2008 and early 2009. The island's economy shrank 6.8% in the third quarter, according to government data, worse than the first estimate of 6.3% the government made last month. There is uncertainty over whether Singapore’s economy is headed for a recession, and the online debate certainly reflects that.

All in, Singapore climbed out of the recession much faster and in better shape than expected.Deflation may sound good to the consumer because you pay less, however this also means your company may get less sales.Since the government has tightened its foreign worker policy, cheap labour is harder to find. Singapore, being open and highly dependent on trade, was badly affected by these external developments. Singapore is first East Asian country to slip into recession Despite creating a record of number of jobs in 2007 and 2008 (237,000 jobs in 2007 and 202,400 jobs in the first three quarters of 2008) and averaging a growth rate of nearly 10 percent from 2004 to 2007, Singapore was the first East Asian country to fall into a recession from the current global economic crisis in July 2008. However I believe a large majority of Singaporeans are unprepared and unconcerned. The south-east Asian country's economy contracted by 6.3% in the third quarter, on an annualised seasonally adjusted basis, having shrunk by 5.7% in the second quarter of 2008. "Singapore's economy, which is heavily dependent on exports to the developed world, is one of the first in Asia to be hit by a global economic slowdown. Following the rampant growth of But Asia relies on the west for trade, so slowing US and UK economies hit growth.Along with markets worldwide, Singapore also experienced the gloom of Singaporean manufacturing sector shrank by a hefty 11.5% in the third quarter, driven by a slump in pharmaceuticals. This has caused the local dollar to slide and drag down the currencies across Asia-Pacific.Asia relies on the West for trade, so when the US and UK economies “sneeze”, Asia will eventually catch a cold and growth will be hit.As you can see from the chart below, the market plunged around 9The 2008 Financial Crisis: What Caused the Financial Crisis & Recession? Despite an average growth rate of nearly 8 per cent from 2004 to 2007, Singapore was the first East Asian country to fall into a recession from the current global economic crisis after July 2008.

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