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Singapore Government To Buffer Impact Of Global Economic Crisis

Singapore Prime Minister Lee Hsien Loong recently said in a BBC interview that the government will help buffer the impact of the global economic downturn on Singaporeans and businesses, but the country will not start to recover until the global economy starts to heal.

Singapore Prime Minister Lee Hsien Loong recently said in a BBC interview that the government will help buffer the impact of the global economic downturn on Singaporeans and businesses, but the country will not start to recover until the global economy starts to heal. The unprecedented dip into the reserves and the S$20.5 billion Resilience Package is meant to absorb some of the shocks of the global economic slump. But since Singapore has the world's highest trade to gross domestic product ratio, with imports and exports totaling about 3.5 times its GDP, the country's economy is especially sensitive to changes in the global economy.

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Singapore Tourist Arrivals Dip 15%

Visitor arrivals to Singapore declined 15 percent in February compared to a year ago as the global economic downturn cut consumer spending and holiday plans.

Visitor arrivals to Singapore declined 15 percent in February compared to a year ago as the global economic downturn cut consumer spending and holiday plans. Only 689,000 tourists arrived in February, compared to 813,000 last year. This is the biggest decline since June 2008 when tourism arrivals started declining. Visitor arrivals in 13 of the top 15 markets - except Vietnam and the Philippines - registered negative growth over January. The five top markets were Indonesia (103,000 arrivals), China (80,000), Australia (51,000), UK (47,000) and Malaysia (46,000), which accounted for about 48 percent of total visitor arrivals in February.

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Singapore Economy Might Be Near Bottom

Finance Minister Tharman Shanmugaratnam said the Singapore economy could reach a bottom within the next six months.

Finance Minister Tharman Shanmugaratnam said the Singapore economy could reach a bottom within the next six months. But he added that growth is likely to remain weak until at least the end of 2009 and possibly 2010. He also expressed his confidence that Singapore will emerge stronger after the crisis than before.

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Singapore Inflation Eases In February

Inflation in Singapore continued to ease in February, dropping by 0.5 percent over January.

Inflation in Singapore continued to ease in February, dropping by 0.5 percent over January. This is the fourth consecutive monthly decline and is more than what economists expected as falling food and oil prices push costs downwards. Food prices fell 0.5 percent while housing costs dropped 0.5 percent. On a year-on-year basis, consumer prices remained 1.9 percent higher last month than a year ago. Food prices were also still 4.3 percent higher and housing prices 6.6 percent higher than a year ago.

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Singapore Government To Buffer Impact Of Global Economic Crisis

Singapore Prime Minister Lee Hsien Loong recently said in a BBC interview that the government will help buffer the impact of the global economic downturn on Singaporeans and businesses, but the country will not start to recover until the global economy starts to heal.

Singapore Prime Minister Lee Hsien Loong recently said in a BBC interview that the government will help buffer the impact of the global economic downturn on Singaporeans and businesses, but the country will not start to recover until the global economy starts to heal. The unprecedented dip into the reserves and the S$20.5 billion Resilience Package is meant to absorb some of the shocks of the global economic slump. But since Singapore has the world's highest trade to gross domestic product ratio, with imports and exports totaling about 3.5 times its GDP, the country's economy is especially sensitive to changes in the global economy.

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Banks More Bearish On Singapore

Major investment banks have slashed growth forecasts for Singapore as the weakening global economy hits the country's export industry.

Major investment banks have slashed growth forecasts for Singapore as the weakening global economy hits the country's export industry. Goldman Sachs expects Singapore's economy to contract by 8 percent this year, worse than its previous forecast of 4 percent. Credit Suisse expects a 6.5 percent contraction, down from its earlier forecast of 5 percent. HSBC now sees a 7 percent fall after earlier predicting a 5 percent decline. These bank forecasts come after Minister Mentor Lee Kuan Yew raised the possibility that the country's economy could shrink by as much as 10 percent this year if exports continue to drop at the same speed as they did earlier this year.

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Singapore Exports Fall 23.7%

Singapore's non-oil exports fell 23.7 percent in February compared to a year ago.

Singapore's non-oil exports fell 23.7 percent in February compared to a year ago. This is the 10th consecutive month of declining exports, although the February decline is much better than the record 34.8 percent decline seen in January. The fall in exports was mainly due to lower electronic and non-electronic shipments. Exports to all of Singapore's top ten markets, except China, declined, led by the United States, the European Union and Japan.

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More Singapore Grads Jobless

The number of degree holders who lost their jobs rose by 21 percent in December 2008 according to a Ministry of Manpower labor market report that was released on Monday.

The number of degree holders who lost their jobs rose by 21 percent in December 2008 according to a Ministry of Manpower labor market report that was released on Monday. The report also showed that there were fewer job vacancies, lower earnings and lower productivity in Singapore last year as the country slid into a recession.

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Singapore Workers To Raise $1m

Singaporean workers are pledging S$2 for every dollar that unions raise to help raise over S$1 million for colleagues in need, particularly those retrenched in the downturn.

Singaporean workers are pledging S$2 for every dollar that unions raise to help raise over S$1 million for colleagues in need, particularly those retrenched in the downturn. They are supporting the U Care Fund, a new S$20-million fund that the labor movement wants to establish by the first half of this year with the assistance of its cooperatives, affiliated unions and unionized companies. The fund is also set to help families pay for their children's school expenses and cover part of their utility bills.

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Singapore Living Costs Higher Due To Currency Swings

In a recent survey by the Economist Intelligence Unit, Singapore was named the 10th costliest city in the world, up five places from six months ago.

In a recent survey by the Economist Intelligence Unit, Singapore was named the 10th costliest city in the world, up five places from six months ago. Swings in local prices and currency exchange rates are blamed for the rise in living costs in the country. The devaluation of the euro compared to the US dollar has made European cities relatively cheaper. The stronger dollar helped push up living costs in several cities, particularly those whose currencies are pegged to it, like Hong Kong and Shanghai. Tokyo and Osaka are now the most expensive cities in the world.

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Singapore: Record Loan Approvals

A record 729 Government-backed loans to businesses were approved in February, up from 411 in January and almost three times the monthly average last year.

A record 729 Government-backed loans to businesses were approved in February, up from 411 in January and almost three times the monthly average last year. The increase in business loan approvals is attributed to the measures to facilitate bank lending, which started on February 1. The total sum of the Government-backed loans is $332.4 million. Overall bank lending, including non-Government-backed loans, continued to fall, but at a slower rate, according to the Monetary Authority of Singapore.

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