Friday, October 10, 2008

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Singapore Economic Growth Q3 2008 down -6.3%: Singapore in Recession

Singapore Economy is in Recession

According to the latest data from Monetary Authority of Singapore (MAS), Singapore economic growth contracted by -6.3 quarter to quarter which brings Singapore into a technical recession, the first since the SARS Crisis 6 years ago. MAS also pointed out that the outlook for the global economy has deteriorated and a more severe global downturn cannot be discounted. Singapore government has reduced its economic growth forecast from 4%-5% to 3%.

Singapore Economic Outlook Worse for 2009 than 2008

One should bear in mind that the quarter 3 economic growth does not yet reflect the impact of the Wall Street meltdown that occurred largely in September 2008. The impact is likely to be felt more acutely in 2009. Economists have forecasted that the 2009 is likely to be worse than 2008. They have in fact warned that in the worst-case scenario, Singapore economic growth may even contract for next year.

Singaporeans to Prepare for Retrenchment & Wage Decline

Meanwhile, labour chief Lim Swee Say has told Singaporeans to be prepared for retrenchment ahead. He also said a decline in real wages is likely to happen this year.

May also want to read:
History of Singapore Property 1960 to 2008
HDB Resale flats Price Index 1990-2008: Graph & Chart
Property Price Index Graph Plotter & Online Property Valuation
Your Property Investment Determines Your Financial Success in Your Life
HDB Resales: West Sees Highest Price Increase


Anonymous said...

This could be one of the worst economy recession Singapore is experiencing. The impact is not felt yet and should never be underestimated. We have to be honest and sincere about it. Yet we have politicians and MPs saying that we are still solid, in good shape,strong infrastructures, and citing reasons why we can be resilient, etc. In that case, why are we the FIRST Asian country to encounter a recession?

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