Does anyone seriously believe that the economy will recover any
time soon ?
See the striking words that have been highlighted in bold, and
especially in 'RED'.
Note that the Elite claiming their superior talents
justifying their millions in annual wages - cannot even be
certain if the economic and fiscal measures that they
implement will have any beneficial effects
even after these are applied.
Singapore economic outlook grim for 2009: PM Lee
(*1)
Thu, Jan 01, 2009 - AFP
Singapore's economy is likely to worsen next year after growing
just 1.5 percent in 2008, Prime Minister Lee Hsien Loong said
Wednesday, urging Singaporeans to "prepare for a difficult year
ahead."
"Our economy will probably contract further. More companies will
be forced to downsize. So far we have not seen many job losses, but
I expect more retrenchments in the next few months. We must be
psychologically prepared," Lee said in his New Year's Day message
to the nation.
More job losses are expected in the next few months as companies
are forced to shed employees, Lee said.
"As a small, open economy, Singapore cannot avoid being
hit. We earn our living by trading with and servicing the world. So
the fall in worldwide demand has hit our exports, our tourism
sector, and our broader economy," he said.
"We must therefore prepare for a difficult year ahead, and
especially the first half of 2009.
Singapore's key markets such as the United States, Japan and
Europe have fallen into recession after a crisis in the US housing
market spread to the financial sector and the larger economy.
The city-state, one of Asia's wealthiest economies, went into a
recession this year, although full-year growth came in at 1.5
percent, well below the official forecast of 2.5 percent and the
7.5 percent expansion in 2007.
"The outlook is highly uncertain. At each stage of this
crisis, events have turned out worse than the experts
predicted," Lee said.
While governments have been implementing monetary and fiscal
measures and rescuing troubled financial institutions and key
corporations, "no one is sure how the financial systems and
economies will respond, or which policies will work," he
said.
This has led to a loss of business and consumer confidence, he
said, warning against
expectations of a quick recovery.
"Quite likely the global recession will be followed
not by a quick rebound, but by several more years of slow
growth," he said.
Next year's national budget, which has been brought forward to
January, will focus on helping Singapore firms so that workers can
keep their jobs, the premier said.
"We will introduce measures to help them (companies) with their
business costs, including rental and wage bills. We are also
studying further financing support for companies," he said.
The government will do its best to help workers keep their jobs
and retrain those who have been laid off, he said, adding this will
be done by helping businesses through the crisis.
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