As the financial crisis spreads of Singapore's economy dipped into a short recession. Time is short and slightly more efficient in its economy have been recognized in the management of government operations. For example, the Monetary Authority of Singapore to allow for the 20% devaluation of the dollar gradually Singapore to accompany and guide the economy to a soft landing. The timing of government programs such as temporary Upgrading Programme and the related construction project was put forward. [47]
Rather than allow the labor market to work, the National Salary Council agreed to fund more pre-emptively central labor cost cuts, with limited impact on income and local needs Phoenix. Unlike in Hong Kong, no effort was made to intervene directly in the capital markets and the Straits Times Index was allowed to drop to 60%. In less than a year, Singapore's economy fully recovered and continued on its growth trajectory.
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