Will trade and GDP revive in 2009?

The latest headlines reveal that the US Manufacturing Sector has weakened further and Singapore has increased the targeted contraction of its economy to 2% in 2009.
The US data is reflective of the manufacturing sector while the Singapore data reflects the state of global trade. Putting both the data together gives a composite picture - that the US manufacturing sector is worsening at a rapid pace while the consumer demand is faltering.
During the last three decades collective efforts of the major developed economies and of the major developing economies have laid out clear roles for both - the developed economies were the demand engines the developing economies were the supply sources. The former supplied capital and the latter consumed the capital and in return provided cheap goods to the former.
This crisis clearly reflects the strength of the demand side - the last two decades plus have seen the developing economies strengthen in terms of GDP as a result of meeting the demand of the developed bloc. During the last one year or so, this demand has faltered with clearly disastrous consequences to the emerging markets. Those consequences are still not clear to the world. In the initial phase of the crisis, say, till about June 2008 the emerging economies had the view that the emerging economies were strong enough to rescue the world. However, since then evidence suggests that the only accomplishment has been a delay to the advent of recession in emerging markets. The fall in trade is hitting these markets quite badly bringing in secondary and tertiary impacts on GDP growth.
In this situation, the limits of pulling oneself up by the bootstraps are evident. Emerging markets are attempting to protect growth rates by investing largish sums within their boundaries on such sectors as infrastructure in the hopes that employment generation plus spending will stop a further slide in their health.
The current crisis and the long distance impact on unrelated sectors/markets suggests that all variables should now be kept under an oversight.
Dollar strength should be one such factor. As the weakness in the US is amply demonstrated now, thanks to this crisis, it is natural that the Dollar should suffer. Many seem to have decided that the Dollar will continue to remain strong forgetting that its correction is the best bet for the US to take to get out this crisis.
So, the question is when this may happen rather than whether it would happen. It is my guess that this will happen by June 2009. After an initial period of instability dollar weakness should set in. This would be good news as the US becomes competitive again. However, with most other major currencies displaying similar weaknesses, it appears that it is the emerging market currencies that should strengthen.
Thus a weakness in the US Dollar can bring about a further bout of volatility. In the medium term emerging market economies will grow stronger whereas the Dollar should weaken and the emerging market currencies should strengthen.