This book is an annual effort by the economists at the Nanyang Technological University to provide analysis, interpretations and insights of contemporary economic issues affecting Singapore and Asia. It covers two key themes: Global Financial Tsunami and other economic issues affecting Singapore and Asia. The Global Financial Tsunami is currently ravaging the world financial systems and the world economy. The authors brilliantly tackle pertinent issues such as fiscal and monetary management of the current crisis, impacts of the crisis on the Singapore and Asian economies, policy measures implemented by Singapore and other countries to combat the crisis, and regional efforts to mitigate the adverse impacts of the crisis. A wide range of important economic issues affecting Singapore and Asia, including inflation, exchange rate, workfare, environmental economics, population and worth of human life in Singapore are addressed competently. The chapters build on economic and analytical frameworks to help readers better understand the economic and policy issues discussed.