Singapore - Selected Issues (Electronic book text)

1. Context. While integration into the world economy continues to underpin Singapore's economic success, its exposure to the global business cycle is posing considerable challenges at present. Indeed, Singapore was among the first countries in Asia to enter a recession and is now set for its worst economic contraction ever. Nonetheless, economic fundamentals remain strong and provide an important buffer against the external shocks. As a result, policymakers have ample room to maneuver.