A recession will force Singapore to print currency reserves.

The President of Singapore approved 4.9 billion Singapore dollars (3.26 billion U.S. dollars) from the reserves of the country to combat the recession. Reported agency AFP, referring to a statement by the Minister of Finance of Singapore Tarmana Shanmugaratnama (Tharman Shanmugaratnam).
By the end of 2008 the volume of Singapore's foreign reserves stood at about 174 billion U.S. dollars. In 2007, the country's foreign exchange reserves reached 156 billion U.S. dollars.
According to Shanmugaratnama, only to struggle with the economic slowdown, Singapore has allocated 20.5 billion Singapore dollars (more than 13.6 billion U.S. dollars). Of these, 5.1 billion Singapore dollars will go to support the national workforce, 5.8 billion will be directed to the interbank lending market, and 4.4 billion - for infrastructure.
In addition, to combat the recession the Government of Singapore has decided to reduce the maximum tax rate to companies that transmit Bloomberg. In 2009, it will be reduced from 18 to 17 percent.
In October 2008, Singapore became the first East Asian economies, which entered the stage of a recession. The second and third quarters of GDP decline - to 5.7 percent and 6.3 percent respectively. At the same time, inflation in Singapore has reached 26-year peak