7 Mar 2009 Job seekers in Singapore at a government-organised jobs fair
GDP growth 2007-08 and forecasts to 2010 (%)
2007 2008 2009 2010 Source
Japan -0.1 1.5 World Bank Nov-08
2.4 -0.3 -2.6 0.6 IMF 28-Jan-09
-0.7 -5.3 1.5 World Bank 30-Mar-09
-5.8 -0.2 IMF 19-Mar-09
2.4 -0.6 -6.6 -0.5 oECD 31-Mar-09
Newly industrialised 5.6 2.1 -3.9 3.1 IMF 28-Jan-09
Asian economies
South Korea 2.0 IMF 28-Jan-09
-4.0 4.2 IMF 19-Mar-09
5.0 2.5 World Bank 30-Mar-09
Taiwan 5.7 0.1 World Bank 30-Mar-09
-3.0 Taiwan government Feb-09
-3.6 Chung-Hua Institution for
Economic Research Apr-09
China 7.5 8.5 World Bank Nov-08
13.0 9.0 6.7 8.0 IMF 28-Jan-09
13.0 9.0 6.5 7.5 World Bank 30-Mar-09
13.0 9.0 6.3 8.5 oECD 31-Mar-09
India 9.3 7.3 5.1 6.5 IMF 28-Jan-09
5.5 4.0 7.0 World Bank 30-Mar-09
9.0 6.0 4.3 5.8 oECD 31-Mar-09
Asean 5 6.3 5.4 2.7 4.1 IMF 28-Jan-09
Indonesia 4.4 6.0 World Bank Nov-08
6.3 6.1 3.4 5.4 World Bank 30-Mar-09
Malaysia 6.3 4.6 -1.0 World Bank 30-Mar-09
-2.2 Malaysian Institute of
Economic Research
Singapore 7.8 1.1 World Bank 30-Mar-09
-2.0 to -5.0 Singapore government Feb-09
-6.0 to -9.0 Singapore government Apr-09
Thailand 3.6 5.0 World Bank Nov-08
-2.0 to -4.0 IMF 19-Mar-09
4.9 2.7 -2.7 1.7 World Bank 30-Mar-09
World 0.9 3.0 World Bank Nov-08
5.2 3.4 0.5 3.0 IMF 28-Jan-09
-0.5 to -1.0 IMF 19-Mar-09
1.9 -1.7 2.3 World Bank 30-Mar-09
US -0.5 2.0 World Bank Nov-08
2.0 1.1 -1.6 1.6 IMF 28-Jan-09
-2.6 IMF 19-Mar-09
1.1 -2.4 2.0 World Bank 30-Mar-09
1.1 -4.0 0.0 oECD 31-Mar-09
Euro area -0.6 1.6 World Bank Nov-08
2.6 1.0 -2.0 0.2 IMF 28-Jan-09
-3.2 IMF 19-Mar-09
0.7 -2.7 0.9 World Bank 30-Mar-09
0.7 -4.1 -0.3 oECD 31-Mar-09
ECONOMIC AND FINANCIAL MILESTONES
Federal Reserve to step in with
a US$30bn special financing
deal and the sale of the troubled
bank to JP Morgan.
22 April 2008
Royal Bank of Scotland (RBS)
announces the UK’s largest
ever rights issue to raise £12bn
in new capital to offset the
writedown of bad debt.
8 September 2008
The US Treasury nationalises
giant mortgage lenders Freddie
Mac and Fannie Mae.
14 September 2008
UK bank Northern Rock seeks
and receives a liquidity support
facility from the Bank of England,
following problems in the credit
markets and a run on the bank.
14 September 2008
US investment bank Lehman
Brothers files for bankruptcy
protection after piling up
US$613bn in debt.
14 September 2008
US Bank of America takes over
Merrill Lynch in a US$50bn deal.
16 September 2008
The Fed bails out the world’s
largest insurer American
International Group (AIG) with a
US$85bn rescue package.
18 September 2008
UK bank HBoS (Halifax Bank
of Scotland) is purchased
by LloydsTSB for £12bn
(US$20.88bn) in the first
of a series of mergers and
acquisitions stemming from the
US-led credit crisis.
18 September 2008
A co-ordinated action to pump
billions of dollars into global
financial markets is taken by
central banks including the US
Federal Reserve, Bank of England,
European Central Bank, Bank of
Canada, Bank of Japan and Swiss
National Bank.
22 September 2008
The last two remaining US
investment banks Goldman
Sachs and Morgan Stanley
CoNTINUED oN PAGE 34
Prepared for APIC 2009 by The Chemical Daily and ICIS 33
crisis
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