World Finance Indicator: Singapore's economy is in recession, a record since 1998
Macroeconomic analysts have turned their eyes on Singapore, which is considered an indicator of the state of affairs in the global financial and economic system. For the first time since 2009, the country is on the path of recession. In the first quarter, GDP is expected to fall by 2,2%. This is an anti-record since 1998.
The economy of Singapore, according to the IMF, since 1980 has grown on average annually by about 6%. And over the past 40 years, the decline in GDP at the end of the year in this country was recorded 4 times: in 1985, 1998, 2001 and 2009. The biggest failure was in 1998 - about 2,2%.
New realities suggest that recession will occur at the end of this year. At the moment, forecasters have not decided on its possible parameters, however, they noted a negative trend - a fall can reach 4% of GDP. The fact is that the Singapore economy is a kind of indicator of the global economy. From the beginning of the 90s, the situation was as follows: the fall in Singapore's economy occurred simultaneously with the deceleration of the entire global economy.
Singapore Media:
In turn, the recession in the markets of Southeast Asia cannot but affect the economy of the whole world.
Nikkei Asian Review:
The material says that the government is taking emergency measures to prevent an avalanche of unemployment. The Singapore Cabinet of Ministers undertook to compensate 8% of the salary of any employee (including the private sector), provided that this salary does not exceed on average 3,6 thousand Singapore dollars per month (about 197 thousand rubles). For Singapore, 8% of this amount is scanty money, but economists have appreciated the fact of state support. Additional support is the provision of a tax break package.
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