The result? Singapore’s economy is outperforming. GDP grew by 1.3 percent in 2012, while the Singapore dollar was up 6.5% against the US dollar for the year. Unemployment has actually remained down since the start of the financial crisis, pushing below 2 percent in 2012. This figure would be a pipe dream in the West.
What's more, Singapore remains a creditor nation, with a current account balance that has remained on an uptrend for over two decades.
Clearly, currency devaluation is not a winning strategy, especially for a country with a strong balance sheet.
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Editor : Thank you Mr John Browne for your compliment for my country. I truly hope my leaders will stay on the course and not be forced to join the 'race to the bottom' and be a true beacon of sound currency to the whole world.