Period I (1987-1996): Exports increased by 2.86 times while the Singapore dollar appreciated by 50% with respect to the USD. In fact, exports and the Singapore dollar rose every single year.
Period II (1997-2002): Exports keep on increasing to reach 3.78 times their 1987 levels in 2002 while the Singapore dollar is about 22% lower than its 1996 level but is still close to 18% higher than its 1987 mark. Of course, during that period, Singapore went through two major and real storms: the Asian crisis and the SARS outbreak.
And at the end of 2008 the Singapore dollar was almost back to a 20-year high while exports increased by an additional one-third over its 2002 levels.
Poor little Tiger that doesn't want to grow up.
ReplyDeleteI wonder what shape Dodoland's data would yield for the same time-frame... and plotted alongside Temasek's data!
ReplyDeleteWe know what the currency movements look like. We just need to add the trade figures.
ReplyDeleteAs per the above chart SGD clipped a 50% increase against the USD in 120 months. Which is about half what I asked for the Indian Ocean Tiger. Might not be too unreasonable given that our currency has been treated like pudin mai over the last couple of decades.
ReplyDelete