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Asia Pacífico | Observatorio Parlamentario
Singapore quarterly report: The ups and downs of the Little Giant
14 enero 2009
Singapore’s last quarter in 2008 was full of advances and setbacks in political, economic and social sectors. This edition of the Singapore Quarterly Report, which covers October, November and December, summarizes the current situation in a nation which has been hit hard by the global financial crisis.
Singapore’s last quarter in 2008 was full of advances and setbacks in political, economic and social sectors. This edition of the Singapore Quarterly Report, which covers October, November and December, summarizes the current situation in a nation which has been hit hard by the global financial crisis.
On the political front, October began with the passing of JB Jeyaretnam, the principal representative of the Opposition. Mr Jeyaretnam had been slated as a presidential candidate for 2011. Another important event occurred Oct 10, when Khoo Boon Hui was elected to be president of Interpol for the next two years.
In November, Chile welcomed Prime Minister Lee Hsien Loong, who met with President Bachelet to sign an agreement on educational cooperation. He also participated in many business meetings in order to promote business ties between Singapore and Chile.
In the economic sphere, October was a negative month due to a drop in Singapore’s oil trading; a direct consequence of reduced regional demand and the global financial crisis.
As a result of these issues, November economic indicators fell 6.8%, opening the way for recession in Singapore. The government used $1.5 billion to help small businesses access credit and to facilitate domestic and international investment.
Prime Minister Lee was aware that the economy would contract this year, making a call to prepare for and deal with this difficult situation. This is because 6,418 Singaporeans lost their jobs during the first three quarters of 2008. It is believed the figure substantially increase in 2009.
In societal news, a professor from Universidad Técnica Santa María’s Department of Civil Works (Obras Civiles), Hector Jensen, was invited to deliver a seminar and course at the National University of Singapore. To many, this marks a real milestone in the field of Chile-Singapore educational cooperation.
Finally, the quarter was highlighted by the victory of Fiji’s Vijay Singh in the Singapore Open golf tournament and Singapore leadership of "TIMSS" test results in math and science. Without a doubt, the last few months were not the best for the country, which is dependent on exports, and thus so affected by the global financial crisis.
