Contents 

Preface

Highlights

Monetary Policy Statement

Chapter 1 Macroeconomic Developments
    Box A: A Stylised Depiction of the IT Inventory Adjustment Process 
    Box B: Review of MAS Money Market Operations in FY2008/09

Chapter 2 Wage-Price Dynamics  

Chapter 3 Outlook  
    Box C: A Bank Credit Model for Singapore

Special Feature A: 
    Explaining Asia's Export Performance in the Downturn

Special Feature B: 
    Recessions and Recoveries in Asia: Lessons from the Past

Special Feature C: 
    Financial Sector Dynamics and Post-crisis Challenges for Asia

Statistical Appendix 

Selected Publications