|A dent in Singapore's financial hub dream|
|Thursday, 06 November 2008|
Despite the island state's emergence as a regional financial hub and its limited exposure to the toxic securitized financial products which have blown big holes in Western banks' balance sheets, Singapore's economy is in a bad way. That's because its economic growth is still highly reliant on commercial trade, with merchandise exports representing over 220% of gross domestic product (GDP), according to a Credit Suisse research report.
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