Recession looms for Singapore : economists

last SG · 2008-10-09T15:22:44+00:00

the ministers should lead by example..pay cut for ministers...and possibly retrenchment..

maurizio13 SG

Only time will tell how Singapore will weather this storm.

Like I mention before, if during boom times, there is hardship among the common folk, the problems will be worse during a slowdown.

Let's keep our fingers crossed that there won't be a prolonged recession that could affect Singapore not just economically but socially.

Singapore is extremely reliant on exports, it will be deeply affected by the current economic turmoil.

If LHL is not at his wits end, don't think he would have started the IR projects, mass importing cheap foreign talents to grow the GDP.

Frankly, majority of foreigners think that Singaporeans are rich because of our reserves, but the fact of the matter is, the reserves belong to the government, Singaporeans themselves have very little spending power. Government sector spending crowds out private sector spending.

reyes SG

Singapore is extremely reliant on exports, it will be deeply affected by the current economic turmoil.

If LHL is not at his wits end, don't think he would have started the IR projects, mass importing cheap foreign talents to grow the GDP.

i was speaking with my japanese associate just 10min. ago. he echo the same sentiment that singaporeans are rich. i exacly reply him the same way u said it. + Japanese govt are very rich too, bt neither me or you belong to that category.

heil hitler!!

charlize SG

The only way Singapore is going to come out of this recession is if the global economy recovers quickly.

If the US and European economies are sputtering, I doubt even the so called twin Asian engines of India and China can do much to the other Asian economies.

That said, I am still of the view that the casinoes won't do much good if foreign tourists are not coming to spend. And if that happens, you employ so many people at the IR for what? Swat flies?

the Bear SG

The only way Singapore is going to come out of this recession is if the global economy recovers quickly.

If the US and European economies are sputtering, I doubt even the so called twin Asian engines of India and China can do much to the other Asian economies.

That said, I am still of the view that the casinoes won't do much good if foreign tourists are not coming to spend. And if that happens, you employ so many people at the IR for what? Swat flies?

in order to find a solution, the ministers will give themselves a big pay rise...

av98m SG

The only way Singapore is going to come out of this recession is if the global economy recovers quickly.

If the US and European economies are sputtering, I doubt even the so called twin Asian engines of India and China can do much to the other Asian economies.

That said, I am still of the view that the casinoes won't do much good if foreign tourists are not coming to spend. And if that happens, you employ so many people at the IR for what? Swat flies?

sigh...tough time ahead for singapore. our ministers will need a pay hike to help them deal with the stress

angel7030 SG

I do not suscribe to the belief that we must burn everything so that from the ashes will only the phoenix arise to lead us to Nirvana.

Many thousands and even millions of precious lives will be lost.

We can ride out this recession better than our forefathers who were largely uneducated. It is time for us all to put what had been taught and experienced in life to the test of survival of our times. If we fail, we will only dishonour the sacrifice of our forefathers.

Now is the time to decide what are liabilities and and what are assets and do what we have to do. Not to skimp on spending but to spend more on our assests to grow it further.

Thousands of technological innovation that can improve our way of live and mankind are being research and developed right now, such as environmentally friendly products, hitech gadgets, energy saving or alternatives as well as medical genetic improvements products.
To keep our money in biscuit tins would be to deny them such funds for developement and stagnant our developement as a race. Such improvements are necessary and will be the engine of growth for economies once they are mass marketed.

We do wanted to spend, but the increment of prices of goods prohibit us to spend more. If I earn 10k per month, formerly i spend 8K per month on Goods and services, now i hv to spend 11k for the same Goods and services due to increment of goods and services here and there, what should i do, of course I have to be conservatives and save. Therefore it is not that we do not want to spend but the enviroment and the govt money policies forced me to save for the rainy days.

xtreyier SG

who wouldnt stop and reduce spending in poor times?

saving the economy greatly depends on fiscal policy of govt not on individual singaporeans.

unless u wana invest in my hitler investment funds.

Do not make that mistake in believing that fiscal policies or govt intervention will save the market. They may have massive funds, but it is limited. They can pump in everyone's tax monies and cpf monies, but it will never, never, ever be enuff if no one dares spend but instead hoard their monies or buy gold bullion.

Money don't get circulated. The fiscal amageddon endgame for the human race.

I am not saying that mankind or singaporeans should spend friviolously, but rather, to continue to spend on essentials.

For the ordinary laymen, if the toothbrush is spoilt, get a new one. If you are hungry, buy a packet of 5 min mee or roti prata. It is such simple measures that will continue the economy and keep it going.

It doesnt matter if we continue to pose low growth or zero growth. Jobs can still be maintained, but if we go into regression, the endgame will begin. This can only be averted if we continue to spend, on necessities, amongst the poor and the rich NOT to hoard money.

angel7030 SG

Money don't get circulated. The fiscal amageddon endgame for the human race.

I am not saying that mankind or singaporeans should spend friviolously, but rather, to continue to spend on essentials.

The govt can help the people in various way, one way is to lower their current paid, hv less meeting, less retreat, less oversea seminars, less walkabout and cut away those expensive NDP celebration, we can bite the bullets, can they??

charlize SG

They will be very disappointed if they cannot have hum in their mee siam.

So how?

xtreyier SG

Actually, their spending would help. Think of the hotel industry - chambermaids, waiters, etc. Without such, the end begins.

Similarly, if your company is confident of weathering the financial storm, it should continue to send its assets - you - for retreats and seminars to further groom your productivity.

Every dollar or even cents count in these times to keep the economy going.

Of course, i would agree that friviolous spending should be out. As said, it is vital for individuals and companies to determine now what are their liabilities and assets. For example, cathode ray tube tvs are out. Companies dealing in such better off release their workers and close down the company or retool with another product to stay relevant.

ArtBoon SG

I am trying to spend as little as possible. Not even sure if I will be employed in 6 month's time...

charlize SG

Sgforums might be even more crowded in 6 months time.

Lots of unhappy and unemployed people cursing and swearing.

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