Singapore's economy unexpectedly contracted for the first time in 4 1/2 years as factory output slowed, suggesting Asia's export-dependent markets may face increased risks from weaker global growth. Gross domestic product shrank an annualized 3.2 percent last quarter after adjusting for inflation, from a revised 4.4 percent expansion in the previous three-month period, the trade ministry said today. Economists expected a 3.1 percent gain. Singapore is first in Asia this year to report fourth- quarter figures, giving analysts an insight into how turmoil in global markets and the subprime-mortgage crisis in the U.S., the region's biggest export destination, may affect Asian economic expansion. South Korea and Taiwan have already warned easing demand for semiconductors, mobile phones and computers portends weaker growth in 2008. ``We definitely should expect to see more softness in exports in the next couple of quarters, and that's bad news for electronics-heavy Asian economies,'' said Kit Wei Zheng, an economist at Citigroup Inc. in Singapore. ``That means slower growth for Singapore and the rest of Asia.'' http://www.bloomberg.com/apps/news?pid=20601087&sid=aNzo_fct3VaY&refer=home
they've pretty much outsourced the whole island, except for the politicians who can't seem to stop paying themselves super wages......
Singapore is run like a corporation. The politicians are paid by their performance. Nothing illegal about their self-rewarding system. Other countries would be advised to follow suit. jmho