Tharman says S’pore not headed for a recession

last SG · 2008-06-09T12:59:56+00:00

deerhunter,we can all see that, obviously he has very shallow views on subject matters like this, to him trade has to be a win-lose situation, failing to see...

Civilgoh SG

Channel NewsAsia - 1 hour 15 minutes ago

SINGAPORE : Finance Minister Tharman Shanmugaratnam on Sunday gave the assurance that Singapore is not heading for a recession.

Speaking at a community event, Mr Tharman said, "From all indications we have at this point, I don’t think we’re heading for a recession. But there will be discomfort on the ground. Unfortunately, the fuel price increase in Malaysia does mean that vegetable, poultry and some other prices will go up. We can’t avoid that. Fortunately, rice prices globally are coming down.

"But overall, we’re in a situation which isn’t temporary — this will be with us for a while. Commodity prices are much higher than what they used to be. But we’re tackling it, and we’re confident of tackling it — both through the government’s measures, the Growth Dividends, the GST Credits, as well as the way in which you see a lot of community initiatives on the ground."

Mr Tharman was speaking to reporters at the Entrepreneur—in—You Carnival at Republic Polytechnic, where some 7,000 people turned up to pick up tips on starting their own business.

The carnival included forums, workshops and an exhibition to nurture business acumen.

There were also winning business presentations by tertiary institutions, and a presentation of the 2008 Youth Enterprise Awards.

The People’s Association organised the event to encourage Singaporeans to be entrepreneurial. — CNA/ms

maurizio13 SG

More stagflation than recession.

Civilgoh SG

More stagflation than recession.

Stagflation - well, let's wait and see what will our good gahmen do to help.

youyayu SG

in other countries the price go up by 10c, in singapore price go up by $1... well? wad can we do?

Civilgoh SG

in other countries the price go up by 10c, in singapore price go up by $1... well? wad can we do?

Yes, you can exercise your right as a citizen once in every 4 or 5 years.

Atobe SG

Can Minister Tharman say any thing else except to calm the nerves ?

Time and again, have we not been told that whatever happen in the USA, we will be affected in one form or another.

With the US now bombarded by multi-dimensional problems that is unrelenting in its effects on the US economy - Minister Tharman's words reflects true bravado, and are the words of a soothesayer - spoken for the ears of those who have been conditioned to depend only on His Master's Voice or that of his selected proxies.

How often have we heard that Singapore's problems have been due to external factors and beyond the control of even those who dare claim for themselves the title of the Talented Elite of Singapore ?

It can only be alarming that with the state of affairs in the USA - which according to different economists - is showing various signs of its economy sputtering to a grind, and with the uncertain final outcome in the continued rise in Global Oil Prices not helping anyone - Minister Tharman is surely brave in his speech that Singapore is not heading towards a recession.

He could have at least sounded more realistic in preparing Singaporeans for the likely scenarious - as in the same manner that Professor Tommy Koh elucidated the possible outcome in the ICJ decision on PB matter as 'judgement day approaches'.

Civilgoh SG

Was told by a cousin residing in US, there are more to dig out in the US, more to come from the US. It does not look positive for Singapore, and time and again MM Lee mentions external factor from US can affect the economy in Singapore.

youyayu SG

Yes, you can exercise your right as a citizen once in every 4 or 5 years.

all i can remember is that there are only 3 citizen in singapore. The Father The Son And The Goh

BeautifulBetty SG

all i can remember is that there are only 3 citizen in singapore. The Father The Son And The Goh

Would that be the 'Holy' or 'Unholy" trinity?

Either way be prepared to tighten the belt. Already the average income Singaporeans are feeling the pinch before the full impact of the recession. Can't imagine what will happen when it eventually hit and hit hard too

maurizio13 SG

in other countries the price go up by 10c, in singapore price go up by $1... well? wad can we do?

we can sit, watch and suck thumbs (2 thumbs).

HyperFocal SG

... as with numerous past experiences , NO, usually means YES...

... and YES, meant NO...

... in this case, hang on to your seats fellow citizens... a bumpy ride's a comin'... !

eagle SG

Iraq war minister deja vu?

reyes SG

i dont think how higher prices of food, energy, cost of business are not hurting singapore. If singapore are not doing anything to reduce the cost of business, such as petrol taxes, i think we are heading for stagnation in 2009. the world will be heading for recession in late 2009-2010.

Gutentaginator SG

With risen cost of doing business, in places where they differentiate by offering lower labor and office worker cost, would it be logical to say that businesses in such environments would start to cut salaries and jobs ?

I think so.

nehpyh SG

Mr Tharman said, "From all indications we have at this point, I don’t think we’re heading for a recession.

So convenient....

If the trickling effect is true in modern economics, I hope our Gahmen will do something huge to divert the adverse impact of US economy.

The Growth Dividends, the GST Credits, as well as the way in which you see a lot of community initiatives on the ground."

Once again....only the lower rung will get some help...for medium income peeps who are struggling to keep a car, the pigeon-hole we call home, and some earthly comforts, guess the cash handouts will not be sufficient/worthwhile....considering the amount they deducted from ERP and taxes.

In Singapore, it is impossible to be a happy poor person. I cannot retreat into the 'suburbs' to enjoy a fresher air or cheap cost of living (btw, i'm already living in the 'suburb' of Singapore)

Guess I better start saving and make plans to pack my bag for some other countries in 20 years time.

Be contended or fight for the top; join the fight or make your escape plan early.

ahtansh SG

Singapore Dollar is rising high, however inflation rate also hit record high this year!

There will still be jobs available so no panic on Government’s point of view.

Technically the rich will not be affected but many low to mid-income families will suffer.

deathmaster SG

typical garmen propaganda .

domonkassyu SG

correction..typical gabrament tok co.ck propaganda to try ease tension for ignorant ,mindless citizens.

Pekei SG

Singapore economy is now less reliant on US economy than we were during the last recession, so I dont foresee what our economy will go into a recession unless something bad happen to China economy.

As for those who think Thaman is talking cock, you might want to tell us why Singapore will go into a recession instead of simply saying government is talking cock.

Resentment SG

i really dun understand some customers , i am in the retail line and customers always scold us for increasing the price when it is the govt who does that. they lack of knowledge or what?