Singapore International Political Economy

The Singapore economy declined its most since 1976 as Singapore GDP shrank an annualized 16.4 in Q4.

Key drivers of the decline in growth of the Singapore economy include lack of demand for Singapore exports and the damage to the financial services industry as a result of the current global economic crisis.

As a result the Singapore government has revised its Singapore economic growth forecast for 2009 from a GDP decline of 5 percent as opposed to the initial projection of 2 percent.