Singapore’s recovery stalled at the end of 2009 but the disappointment should be short-lived. Q4 GDP was down q/q because manufacturing continues to be thrown around by the highly volatile biomedicals sector. Singapore's upswing will resume in 2010 with services leading the way, even though external conditions are likely to remain challenging. Nevertheless, any move to a tightening bias on the Singapore dollar (SGD) FX rate will now probably happen in October rather than April.
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