Road to Recovery: Singapore's Journey through the Global Crisis

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The Institute of Southeast Asian Studies (ISEAS) was established as an autonomous organization in 1968. It is a regional centre dedicated to the study of socio-political, security and economic trends and developments in Southeast Asia and its wider geostrategic and economic environment. The Instituteʼs research programmes are the Regional Economic Studies (RES, including ASEAN and APEC), Regional Strategic and Political Studies (RSPS), and Regional Social and Cultural Studies (RSCS). ISEAS Publishing, an established academic press, has issued more than 2,000 books and journals. It is the largest scholarly publisher of research about Southeast Asia from within the region. ISEAS Publishing works with many other academic and trade publishers and distributors to disseminate important research and analyses from and about Southeast Asia to the rest of the world. 00฀RtR฀FM.indd฀฀฀2 7/13/10฀฀฀2:23:00฀PM INSTITUTE OF SOUTHEAST ASIAN STUDIES Singapore Singapore’s Journey through the Global Crisis First published in Singapore in 2010 by ISEAS Publishing Institute of Southeast Asian Studies 30 Heng Mui Keng Terrace Pasir Panjang Singapore 119614 E-mail: publish@iseas.edu.sg Website: http://bookshop.iseas.edu.sg All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the Institute of Southeast Asian Studies.© 2010 Institute of Southeast Asian Studies, Singapore The responsibility for facts and opinions in this publication rests exclusively with the author and her interpretations do not necessarily reflect the views or the policy of the publisher or its supporters. ISEAS Library Cataloguing-in-Publication Data Basu Das, Sanchita. Road to recovery : Singaporeʼs journey through the global crisis. 1. Global Financial Crisis, 2008-2009. 2. Financial crises—Singapore. 3. Singapore—Economic conditions. 4. Singapore—Economic policy. 5. Monetary policy—Singapore. I. Title. II. Title: Singaporeʼs journey through the global crisis HB3814 D22 2010 ISBN 978-981-4311-05-2 (soft cover) ISBN 978-981-4311-04-5 (E-Book PDF) Typeset by International Typesetters Pte Ltd Printed in Singapore by Utopia Press Pte Ltd 00฀RtR฀FM.indd฀฀฀4 7/13/10฀฀฀2:23:00฀PM For my parents 00฀RtR฀FM.indd฀฀฀5 7/13/10฀฀฀2:23:00฀PM 00฀RtR฀FM.indd฀฀฀6 7/13/10฀฀฀2:23:00฀PM ...