Singapore paper slow to report Singapore news
But it has not yet reported that the Singapore economy is expected to shrink more than Hong Kong, South Korea, Taiwan or any other Asian economy this year. That’s what the Asian Development Bank report shows. Has anyone at the Straits Times read the report? It’s available on the Asian Development Bank website.
The report says the high level of home ownership and the attendant financial liabilities limit Singaporeans’ spending power and that is one reason why Singapore hasn’t been able to increase domestic consumption to mitigate the recession.
Here are the bank’s GDP growth forecasts for 2009 and 2010 (percentage change from previous year):
| Country | 2008 (actual) | 2009 | 2010 |
| China | 9 | 7 | 8 |
| Hong Kong | 2.5 | -2 | 3 |
| South Korea | 2.5 | -3 | 4 |
| Taiwan | 0.1 | -4 | 2.4 |
| Mongolia | 8.9 | 3 | 4.5 |
| Indonesia | 6.1 | 3.6 | 5 |
| Malaysia | 4.6 | -0.2 | 4.4 |
| Brunei | 2.7 (est) | -0.4 | 2.3 |
| Philippines | 4.6 | 2.5 | 3.5 |
| Singapore | 1.1 | -5 | 3.5 |
| Thailand | 2.6 | -2 | 3 |
| Vietnam | 6.2 | 4.5 | 6.5 |
| Cambodia | 6.5 | 2.5 | 4 |
| Laos | 7.2 | 5.5 | 5.7 |
| Myanmar | ? | ? | ? |
| Bangladesh | 6.2 | 5.2 | 5.6 |
| India | 7.1 | 5 | 6.5 |
| Pakistan | 5.8 | 2.8 | 4 |
| Sri Lanka | 6 | 4.5 | 6 |
| Nepal | 5.3 | 3 | 3.5 |
| Bhutan | 11.5 | 5.5 | 6.5 |
| Maldives | 5.7 | 1 | 1.5 |
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