Anyone wondering why Singapore has remained calm and prosperous while its economy gyrates wildly should raise their eyes from the streets and look offshore.

Singapore has suffered its worst recession since it gained independence in 1965. The economy contracted by 10 percentage points in the four quarters to March, but has recovered most of that in the six months to September. Packed bars and heaving restaurants appeared to give the lie to the numbers, even after allowing for a fiscal stimulus amounting to about 6 per cent of GDP. Offshore though, hundreds of ships lie at anchor, some of them part of the estimated 10 per cent of the world container fleet idled due to lack of business.