Worst over for Singapore?
SINGAPORE — Singapore’s economy is showing signs of bottoming from its worst recession as the contraction in the first quarter was less than initially estimated, the government said, making a second stimulus package unlikely.
Gross domestic product fell an annualized 14.6% from the fourth quarter on a seasonally adjusted basis, a smaller drop than the government’s advance estimate of 19.7% and a touch better than the 16.4% decline in the fourth quarter, the Ministry of Trade and Industry said.
GDP fell 10.1% in the first quarter from a year earlier, better than the 11.5% decline tipped by the advance estimate but still the worst year-to-year fall on record.
MAS appears to be adhering to a policy of not letting the Sing dollar appreciate against the US$ by more than $1.45 for every US$:
The Monetary Authority of Singapore has defended the U.S. dollar in recent days, selling Singapore dollars to smooth out rises in the local currency, said a person familiar with the matter. Those smoothing operations will continue as the authorities want the U.S. dollar to stay above S$1.45, the person said.
If anything, it seems to early to say if the worst is indeed over. After even if it is, what has passed for Singapore isn’t negative growth, but the apparent rate of negative growth.
Also see this.