Oct 10, 2008

We Are Not Alone: Singapore Also In Recession

This from Bloomberg

Singapore fell into the first recession since 2002 as manufacturing slumped, prompting the central bank to end a policy favoring gains in its currency in an effort to support the economy.
The Monetary Authority of Singapore, which relies on the currency rather than interest rates as its policy tool, said today it's shifting to a ``zero-percent appreciation'' stance.
Gross domestic product contracted an annualized 6.3 percent in the third quarter from the previous three months, after shrinking a revised 5.7 percent between April and June.