Singapore: 2009 Article IV Consultation: Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Singapore
IMF Staff Country Reports, August 21, 2009
Source details
- Canonical URL
- Singapore: 2009 Article IV Consultation: Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Singapore
Other formats
Bibliographic details
- Published: August 21, 2009
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451834307.002
Key findings and summary
- Singapore was "severely affected by the global downturn."
- The collapse in external demand led to "a sharp contraction in GDP, which fell by almost 13 percent in the first quarter of 2009."
- Executive Directors observed that the floating exchange rate regime "has served Singapore well."
- The "exchange-rate centered monetary policy framework has been an important source of stability in times of turbulence."
- Authorities were commended for "proactively implementing a series of measures to safeguard the stability of the financial system."
Economic impact and indicators
- GDP: "fell by almost 13 percent in the first quarter of 2009."
- Subject coverage includes: Balance of payments, Banking, Credit, Currencies, Current account balance, Exchange rates, Financial institutions, Foreign exchange, Loans, Money.
- Keywords include: Asia and Pacific, CR, Credit, Currencies, Current account balance, electronics export, Exchange rates, export data, Global, ISCR, Loans, output contraction, outturn, Singapore, Singapore economy, staff appraisal.
Policy assessment
- Monetary policy framework assessment:
- Floating exchange rate regime: praised as having "served Singapore well."
- Exchange-rate centered monetary policy: identified as "an important source of stability in times of turbulence."
- Financial sector measures:
- Authorities were commended for "proactively implementing a series of measures to safeguard the stability of the financial system."
Publication and metadata
- Publication date: August 21, 2009
- Series: Country Report No. 2009/269
- Issue: 269
- Volume: 2009
- Pages: 45
- ISBN: 9781451834307
- ISSN: 1934-7685
- Stock No: 1SGPEA2009002
- DOI: https://doi.org/10.5089/9781451834307.002
International Monetary Fund. "Singapore: 2009 Article IV Consultation: Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Singapore", IMF Staff Country Reports 2009, 269 (2009).