Unlike other Asian countries that are starting to see some recovery, Singapore’s economy, and related exchange traded fund (ETF), may be stuck in the doldrums as a result of being too heavily reliant on manufacturing. Tell that to their ETF, though.

The International Monetary Fund (IMF) estimates a 10% decline in Singapore’s GDP, reports Fiona Chan for The Straits Times. Economies in the Asia-Pacific region are being downgraded by the IMF because of these countries’ open economies and reliance on their manufacturing industries.

Singapore’s economy contracted 16.4% in the fourth quarter compared to the same period in the previous year, and shrunk another 19.7% in the first quarter of this year.

The 11-month slump in Singapore exports has led to increased unemployment, which forced the government to cut taxes and subsidize jobs, writes Shamim Adam for Bloomberg.

The Central Bank will adjust the trading range for their currency and this adjustment is expected to devalue the exchange rage. The country’s monetary policy will remain appropriate and not in response to short-term data.

This island nation is starting to cater toward the region’s wealthy with a global gourmet gathering, luxury boat show and a fashion festival, remarks to Miral Fahmy for Reuters. Singapore is revamping itself as a it spot for international and regional fashion designers.

Meanwhile, the country’s ETF has been trading higher in recent days (although yesterday it dropped 5.5%), and is 7% above its 200-day moving average.

• iShares MSCI Singapore Index (EWS): up 20.9% year-to-date; up 24% in the last two weeks

Max Chen contributed to this article.

Tags: Asia, Emerging Markets, EWS, Global ETFs, Singapore