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.