{"id":5736,"date":"2010-01-04T15:45:08","date_gmt":"2010-01-04T13:45:08","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=5736"},"modified":"2010-01-04T15:45:08","modified_gmt":"2010-01-04T13:45:08","slug":"singapore-inherently-unstable","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2010\/01\/04\/singapore-inherently-unstable\/","title":{"rendered":"Singapore: inherently unstable"},"content":{"rendered":"<p><a href=\"http:\/\/www.ft.com\/cms\/s\/3\/83ad4952-f913-11de-80dc-00144feab49a.html?ftcamp=rss\">FT.com \/ Lex \/ Macroeconomics &amp; markets - Singapore GDP<\/a>.<\/p>\n<blockquote><p>After an annualised quarter-on-quarter contraction of 13 per cent in the first three months last year, [Singapore's] GDP shot up by 22 per cent in the second quarter and 15 per cent in the third. In that context, a smooth extension of that trajectory out of the longest recession since independence in 1965 was always unlikely. Even so, Singapore&rsquo;s lurch to a 7 per cent contraction in the final three months is worrying.<\/p>\n<p>The optimistic view is that this reflects a simple inventory correction in volatile export sectors such as pharmaceuticals and transport engineering. That may be so: Singaporean manufacturing shrank by 38 per cent in the fourth quarter, having expanded by 30 in the third.<\/p><\/blockquote>\n<p>Three things:<\/p>\n<p>First, if Singapore was a company you'd count it as high risk.<\/p>\n<p>Or, second, you'd worry about the qualioty of its accounting, makingn it even higher riosk.<\/p>\n<p>And thirdly, because there's a trend towards financial crisis in tax havens right now you'd put your money on it being one of those likely to be heading for serious trouble.<\/p>\n<p>One for the short sellers, I'd say.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>FT.com \/ Lex \/ Macroeconomics &amp; markets &#8211; Singapore GDP. After an annualised quarter-on-quarter contraction of 13 per cent in the first three months last<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2010\/01\/04\/singapore-inherently-unstable\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,32],"tags":[],"class_list":["post-5736","post","type-post","status-publish","format-standard","hentry","category-economics","category-tax-havens"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/5736","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=5736"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/5736\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=5736"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=5736"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=5736"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}