Singapore suffered a bigger drop in exports than China, Hong Kong, South Korea, Thailand and Vietnam during the recession. See the chart below based on the World Bank report released yesterday.
But the Singapore stock market rebounded more strongly than any other market in the region except Thailand, South Korea and Taiwan, according to the same report. This chart shows all four were back to nearly pre-crisis levels last month.
Hong Kong has bigger foreign reserves than Singapore, but look at China's growing giant pile.
Singapore's foreign reserves dipped last year while Taiwan and Hong Kong managed to accumulate a billion dollars more.
But China's gains ran to hundreds of billions.
The report says:
East Asia has recovered from the economic and financial crisis. Largely thanks to China, the region’s output, exports and employment have mostly returned to the levels before the crisis. Leading the global economy, real GDP growth in developing East Asia is poised to rise to 8.7 per cent in 2010 after slowing from 8.5 per cent in 2008 to 7.0 per cent in 2009…
Take China out of regional averages, however, and growth in the rest of developing East Asia was a mere 1.3 per cent in 2009, lower than in South Asia and slightly stronger than in Sub-Saharan Africa.
The report's available for download here on the World Bank site.
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