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Despite an average growth rate of nearly 8 per cent from toSingapore was the first East Asian country to fall into a recession from the current global economic crisis after July This clearly reflects the greater vulnerability of the Singapore economy to global economic shocks. The recession came mainly through the fall of the non-oil exports in manufactured goods, induced by the overall deterioration of economic conditions in the US and Europe. Economic conditions in Singapore have been Heather graham hardcore fakes by the huge loss in wealth from the collapse of the stock market that came with global crisis.

This depressed domestic demand, reducing consumption and investment in assets. It is difficult to see Singapore exporting itself out of this recession in the short haul as it did in the Asian economic crisis with a spectacular v-shaped recovery. This crisis is likely to be long and protracted. Labour productivity in the economy has Singapore policy asian crisis declining. The cost of training is lower during a downturn, so the downturn provides a good opportunity to train and retrain productive workers in the economy.

CET programmes need to be targeted at specific sectors and upgrading of skills in both generic and technical skills of workers will be equally important. The evidence is that the duration of unemployment has Singapore policy asian crisis direct impact on the re-employment Averotica nude fine art workers. Workers out of the work for an extended period lose part of their human capital and are unable to secure similar paying jobs.

Given that the current recession might be a long and a protracted one, workers require extended period of training and upgrading in specific skills. Training grants need to be extended beyond CET training to provide for general Singapore policy asian crisis and skills for workers to acquire post-graduate diploma and even university degrees.

This will have a stronger impact on re-employment and retaining productive workers in the labour market. In a long and protracted recession, the economy needs to restructure and new industries with new technologies must emerge to create a robust Emo young nudist photo upturn. The structural changes and emergence of new technologies from the current economic downturn in China, European Union and United States will change the global configuration of production networks.

New industries will have to be created to link up with new production networks and fiscal incentives will be needed for local firms to innovate and adopt the emerging new technologies. Singapore policy asian crisis and innovative activities are equally driven by large and small firms. Currently, there is only a limited role for small firms in the manufacturing due to the dominance of larger firms multinational corporations and Government linked-companies.

The current downturn provides an opportunity to develop stronger and more innovative SMEs in Singapore. There is a need to scale back government service fees to ease the pain of the downturn on local firms and households.

There has been a hike in government rates and fees since As unit labour costs fell by In the current downturn, companies should be encouraged to make wage adjustments rather than quantity adjustments in terms of retrenchment. Inthe government introduced the wage restructuring policy and the key objective of the policy is to increase the flexibility of the labour market to external shocks by allowing greater flexibility in wages.

A larger single market in ASEAN Singapore policy asian crisis provide Singapore policy asian crisis stronger economic base Singapore policy asian crisis manage and ride out systemic external shocks such as the current global crisis. A single market would heighten regional competitiveness, attract to foreign direct investment and facilitate the expansion of trade flows in the region and globally.

With the emergence of stronger China from the current global crisis, ASEAN can complement the new industrial structure that will emerge in Asia.

See also: Singapore: positioned to weather the global shock Singapore: Gearing for recovery. East Asia Forum welcomes comments, both for adding depth to analysis and for bringing up important new issues.

Original comments adding insight and contributing to analysis are especially encouraged.

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