Singapore hard hit by the global financial crisis !!!

Singapore's economy is shrinking at a faster pace than at any time in its recent history. Trade dominates Singapore's economy and it is heavily dependent on exports to western consumers.
Singapore is also one of the places particularly hard hit by the global job crisis.
Despite an average growth rate of nearly 8 per cent between 2004 and 2007, Singapore was the first East Asian country to fall into a recession from the current global economic crisis after July 2008.This year the GDP is expected to shrink by 10% amid decline in Exports to the western markets and especially the American market also hit by the recession . This clearly reflects the big vulnerability of the Singaporean economy to global economic and financial shocks.
Although the exposure of Singapore’s banks to sub-prime mortgage is limited, due to its well regulated market. The recession came mainly through the fall of the non-oil exports in manufactured goods, induced by the overall deterioration of economic conditions and the decline in consumption the American and European markets.