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.
