Appendix 1
The recession was caused by the global financial crisis.
Source: http://www.mas.gov.sg/about_us/annual_reports/annual20082009/4.html
“The global economy plunged into its worst recession in the post-war period late last year, as key segments of the financial system seized up and trade collapsed.”
Appendix 2

Appendix 3 Source: http://www.asiaone.com/Business/News/Story/A1Story20110218-264111.html
“The Ministry of Trade and Industry (MTI) released final figures yesterday showing that the economy expanded 14.5 per cent last year, reversing a 0.8 per cent decline in 2009.”
The Singapore economy started to display signs of moderation in the middle of last year after the exceptionally strong recovery. While the external outlook, particularly in the US, has improved, final demand in the developed economies is expected to remain fairly modest at this juncture. In comparison, the outlook for Asia ex-Japan economies is more positive. While growth in the region will likely slow from last year, it should continue to be supported by firm domestic demand.
Alongside the maturing of the global inventory restocking cycle, the domestic manufacturing sector is likely to see slower growth this year in line with the pace of end demand in the key export markets. Construction activity will also decelerate, with the completion of mega projects such as the integrated resorts. As such, services will play a larger role in driving economic activity this year, underpinned by expansions in the trade-related and modern services clusters. The wholesale and transport & storage sectors should remain healthy this year, with activity expanding in tandem with continued regional and global growth. The financial sector should also benefit from strong regional demand for intermediation and wealth management services. Against this backdrop, growth in the domestic economy