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A GDP contraction means your country is producing less goods and
services than last year which implies a slowdown i.e contraction in
economy. A contraction means there's no growth or in other words a
negative growth.
you believe in that GDP figures from MIT ar??? base on what they
get that figure leh?? today, they said contracted, tomollow they
said expand, next quarter they said growth, then next month they
said lost...you still dun get the picture, don't you??, me young
young already knows what they are trying to do, in a big nutshells,
they can call and massage the GDP as they like, just like Delong
Delong pasar malam sale ya.
Job lost or pay cut do not directly be influence by GDP, if
today civil servants and ministers are feeling the heat of
inflation, GDP will rise, they will get more wage increases and
bonuses, thereby reduced the inflation, once they get enuf already,
they will declare GDP contraction, thereby wanting people to work
harder. Job lost and pay cut is mostly due to capitalisaton
gain/lost, remember the cheap, better and fast theory or not??
At the current moment, companies in singapore are getting Job
credits fund from the govt to continue employing singaporean
workers. This fund is to help companies to tide over the
last year crisis, which account to billions, each companiy get
average 1 million depending on the size and the nos of Singaporeans
employed. This credit fund was extended for another half year, when
it cease by june 2010, you will see lots of more job lost and pay
cut, no matter what the GDP figure is..