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global financial cr**** special: singapore ** first asian economy to enter technical recession october 12, 2008 by admin filed under: financial matters afp and msn news singapore, 11 october 2008 singapore would be in for a “rough ride” for a year or more as asia weathers the global “financial storm”, the prime min**ter said today soon after figures pointed to its first technical recession in six years. “the world ** caught up in a financial storm, and dark clouds fill our immediate horizon,” prime min**ter lee hsien loong said. “the problems facing financial institutions in the us and europe are complex and gr**e. they will not be solved overnight, or even within a few months. “the fear and panic gripping financial markets everywhere will take time to subside. the trust and confidence between banks, which lie at the heart of finance intermediation, will take time to restore.” he predicted a dampening of consumption and investment in developed countries and overall world growth would be affected. asian banks had been “lucky” to **oid problems afflicting us and european banks, he said. “but global**ation has meant that equity markets from mumbai to shanghai, as well as tokyo, hong kong and singapore h**e been hit by the events in wall street. “it also means that asian countries cannot **oid the impact of weakening us, european and japanese economies. “we must prepare for a rough ride at least over the next year, and quite possibly longer.” pm lee said although growth was slowing, singapore’s financial system was sound. the economy remained competitive because it had been upgraded and diversified during recent years. “th** will mean new and better jobs, even if some old ones are lost,” he said adding that “asia’s dynam**m will endure”. first asian country to enter recession separately, analysts said singapore had become the first asian economy to fall into recession after the ** rev**ed downward its full-year growth estimate and eased monetary policy for the first time in years. the min**try of trade and industry lowered the city-state’s full-year growth forecast to around three percent, citing a slowdown in the global economy and key domestic sectors. the move came as the min**try released preliminary data showing that real gdp declined by 6.3 percent in the third quarter after contracting 5.7 percent in the previous quarter, the min**try said. while it did not describe the economy as being in recession, a technical recession ** generally defined as two consecutive quarters of contraction in economic output. “singapore will be the first asia economy to fall into a technical recession,” dbs group research said in an assessment of the data. in a move to confront the downturn, the monetary authority of singapore (mas) — its de facto central bank — said it was easing monetary policy for the first time in more than four years. “the singapore economy has weakened over the course of 2008, alongside an escalation in the turmoil in financial markets and a more severe deceleration in global economic activity,” mas said. these developments meant new uncertainties for the singapore economy, while slower asian growth would restrain activity in a range of service industries such as transportation and tour**m, it said. “the r**ks to external demand conditions continue to be on the downside, and a more severe global downturn cannot be d**counted,” the bank said. the mas conducts monetary policy through the local currency rather than by setting interest rates. the singapore dollar ** traded against a basket of currencies of its major trading partners within an und**closed band known as the nominal effective exchange rate (neer). in its semi-annual statement, mas said it had maintained the policy of a modest and gradual appreciation of the neer policy band since april 2004 but ** shifting to zero percent appreciation. singapore ** southeast asia’s wealthiest economy in terms of gross domestic product (gdp) per capita but ** he**ily dependent on trade. th** makes it sensitive to hiccups in developed economies, particularly key export markets the united states and europe. analysts’ forecasts econom**ts polled by dow jones newswires had forecast a 0.3 percent quarter-on-quarter r**e in gdp, the value of goods and services produced in the economy. compared with the third quarter of last year, the min**try said singapore’s economy contracted by 0.5 percent in real terms, against 0.8 percent expansion foreseen in the dow jones poll. in august the ** had rev**ed down its full-year gdp growth forecast to 4.0-5.0 percent but since then, external economic conditions h**e deteriorated more than expected, the trade min**try said. analysts said the key drag on third-quarter growth was manufacturing, which contracted by 11.5 percent year-on-year, and the surpr**e was a sharp decline in growth of what has been a booming construction sector. construction growth slowed to 7.8 percent from 19.8 percent, while service industries grew by 6.1 percent, marginally down from 7.0 percent in the second quarter, the data showed. “services deceleration should get more severe from here on,” the us bank morgan stanley said in a report. morgan stanley said it expects things will only get worse for singapore, and the recession will likely be more than just a technical one. min**ter: global financial cr**** affects singapore's real economy 2008-10-20 22:46:28 print singapore, oct. 20 (xinhua) -- the singapore ** monday said the escalating global financial cr**** and the global economic slowdown h**e already affected its real economy and local companies. however, trade and industry min**ter lim hng kiang told parliament that singapore's financial and economic fundamentals remained sound, and singapore could "weather the current storm, and emerge strong and resilient," local tv channel newsasia reported. advance estimates indicated that singapore's gross domestic product (gdp) declined by 0.5 percent in the third quarter and on an annualized quarter-on-quarter bas**, the economy had seen two consecutive periods of negative growth which meant a technical recession. the min**ter said given the deteriorating external climate and the volatile financial situation globally, growth would likely remain weak for some quarters to come. the singapore ** had rev**ed the gdp forecast for th** year to around 3 percent. the economic slowdown has affected the job market, said lim. "the slowing economy and more cautious hiring h**e contributed to an increase in the overall unemployment rate from two percent in march 2008 to 2.3 percent in june 2008," lim was quoted as saying. lim said that the unemployment rate for th** year ** likely to be higher than the record low of 2.7 percent last year. he also pointed out that the financial turmoil has hit singapore's property, retail and tour**m industries. for the construction sector, lim said it ** expected to grow by7.8 percent in the third quarter of th** year, falling short of the 18 percent growth reg**tered in the first half of 2008. as for inflation, lim said, "i must caution that inflation will continue to be sticky in the next few months because some of these costs h**e a certain amount of lag. but going into the next year, over the next 15 months...our inflation will revert to the more normal 2 to 3 percent that we saw previously." 20210311