IDEAS home Printed from https://ideas.repec.org/p/eab/wpaper/21958.html
   My bibliography  Save this paper

Global Financial Crisis : Impact on Singapore and ASEAN

Author

Listed:
  • Shandre M. Thangavelu

    (Crawford School of Government and Economics)

Abstract

Despite creating a record of number of jobs in 2007 and 2008 (237,000 jobs in 2007 and 202,400 jobs in the first three quarters of 2008) and averaging a growth rate of nearly 10 percent from 2004 to 2007, Singapore was the first East Asian country to fall into a recession from the current global economic crisis in July 2008. It was projected that the Singapore economy will grow by -1.0 to 2 percent in 2009. This paper examines the current state of the Singapore economy and highlights several policy considerations as the City-State adjusts to the current global economic crisis. The paper also discusses the role of ASEAN in the current global economic crisis. The paper highlights that the ability of Singapore to ride the current global crisis will depend critically in reducing the cost of the downturn by increasing the productivity of local workers and firms, and concurrently enhancing the economic integration opportunities in ASEAN.

Suggested Citation

  • Shandre M. Thangavelu, 2008. "Global Financial Crisis : Impact on Singapore and ASEAN," EABER Working Papers 21958, East Asian Bureau of Economic Research.
    • Handle: RePEc:eab:wpaper:21958
    as

    Download full text from publisher

    File URL: http://www.eaber.org/node/21958
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Siow Yue Chia, 2007. "Whither East Asian Regionalism? An ASEAN Perspective," Asian Economic Papers, MIT Press, vol. 6(3), pages 1-36, Fall.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Kawai, Masahiro & Wignaraja, Ganeshan, 2008. "Regionalism as an Engine of Multilateralism: A Case for a Single East Asian FTA," Working Papers on Regional Economic Integration 14, Asian Development Bank.
    2. Anne Booth, 2011. "China’s Economic Relations with Indonesia: Threats and Opportunities," Journal of Current Southeast Asian Affairs, Institute of Asian Studies, GIGA German Institute of Global and Area Studies, Hamburg, vol. 30(2), pages 141-160.

    More about this item

    Keywords

    global financial crisis; Singapore; ASEAN; financial crisis;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eab:wpaper:21958. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Shiro Armstrong (email available below). General contact details of provider: https://edirc.repec.org/data/eaberau.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.