World | US | China | Japan | Germany | France | UK | Brazil | Russia | Italy | India | Canada | Australia | Spain | Mexico | South Korea | Indonesia | Nigeria | Pakistan | Singapore | South Africa
Aerospace Industry | Agriculture | Automobile Industry | Biotechnology Industry | Chemical Industry | Construction Industry | FMCG Industry | Food Industry | Hospitality Industry | IT Industry | Nanotechnology Industry | Oil & Gas Industry | Pharmaceutical Industry | Renewable Energy Industry | Steel Industry | Tourism Industry
Credit Card Companies | Credit Card Application Guide | Credit Card Comparison | Credit Card Guide | Credit Card Payment Online | Amex Credit Cards | Mastercard Credit Cards | Visa Credit Cards
More Credit Card Tools & Resources
Accident Insurance | Automobile Insurance | Dental Insurance | Fire Insurance | General Insurance | Health Insurance | Home Insurance | Life Insurance | Sports Insurance | Structured Settlements | Travel Insurance | Insurance Companies | Insurance By Country
It is also includes some creative elements. The Singapore Budget 2009, announced today, was billed the Resilience Package. Since Singapore is one of the most open economies on the planet, relying heavily on exports and financial markets, it was one of the first Asian countries to officially enter recession by the third quarter of 2008. Indeed GDP in Q4 2008 fell at the dizzying annualised rate of 16.9%. The country has just revised down its 2009 GDP growth forecast to between -2% and -5%, which would be its worst performance since independence more than 40 years ago. As a result it is dipping into its considerable national reserves for the first time.
Singapore Budget 2009 with its Resilience Package can’t do that much to boost domestic consumption, and so its focus is on keeping employment levels as high as possible while minimizing business failures. S$4.8b are being drawn from reserves to fund the Jobs Credit and Special Risk-Sharing Initiative.
The key elements of the Singapore Budget 2009 are:
Stephen S. Roach,
Isam al Khafaji,
Got something to say about the economy? We want to hear from you. Submit your article contributions and participate in the world's largest independent online economics community today!