Singapore facing its worst-ever recession

It appears that every major nation is suffering global economic slowdown. Singapore is no exception, it is facing worst ever recession. On a seasonally adjusted, annualized quarter-on-quarter basis, Singapore economy fell by 16.9 percent, after a decline of 5.1 percent in the third quarter and 5.5 percent in the second, Singapore trade ministry said. “The economy fell off the cliff in the fourth quarter,” said Song Seng Wun, a regional economist with CIMB-GK Research. According to Singapore‚Äôs finance minister Tharman Shanmugaratnam, the government will tap its official reserves for the first time to help fund a record 20.5 billion Singapore…

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Top 30 Offshoring Destinations

India remains the world leader in offshoring services in spite of economic crisis that affects the whole world. Analyzing 72 offshoring countries, the research firm Gartner has announced its ‘Top 30 offshoring destinations’, where India placed the top followed by China. The report shows that the dynamic nature of the market has seen a number of countries position themselves as credible alternatives to the BRIC nations (Brazil, Russia, India and China). According to the report 10 countries from Asia Pacific were represented in the 30 leading countries. These included the undisputed leader in offshore services, India and the greatest challenger…

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