Watch part two

Singapore's worst recession ever is deepening with thousands losing their jobs, house values plummeting and exports falling through the floor.

Singapore, the busiest port in the world, is facing a 35 per cent slump in exports, battered by declining overseas orders.

With the economy forecast to shrink by 9 per cent, Singapore's open economy is suffering from the global economic downturn and some speculate it could take years to recover.

On this week's episode of 101 East, we talk to Tharman Shanmugaratnam, Singapore's finance minister, about one of Asia's worst hit economies and how Singapore could manage to survive the current global economic crisis.

This episode of 101 East aired from Saturday, May 2, 2009.