Monday, November 3, 2008

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Global Economic Crisis Worsens by the day

Just some of today's Straits Times reports... see a trend?

Nov 3, 2008
Global downturn quickens
LONDON - PROFITS evaporated at top European banks on Monday and authorities worldwide pressed on with efforts to bolster weakening economies as data from Europe and China suggested a sharp global downturn was gathering pace.

Nov 3, 2008
Slowdown hits Australia
CANBERRA (Australia) - AUSTRALIAN house prices rose at their slowest pace in almost three years, September retail sales slid, and job advertisements fell for a sixth consecutive month in new evidence on Monday that the economy is slowing.
House prices in state capitals fell by 1.8 per cent on average in the three months to September for an annual growth rate of just 2.8 per cent, the latest Australian Bureau of Statistic's house price index shows.

Nov 3, 2008
China's export orders fall
BEIJING - CHINA'S manufacturing activity slowed sharply in October amid weaker export demand despite a flurry of official measures to boost flagging growth in the world's fourth-largest economy, an industry group reported on Monday.

Nov 3, 2008
HK retail sales slow to 6.9%
HONG KONG - HONG KONG retail sales growth slowed to 6.9 per cent year-on-year in September as weak consumer spending linked to the world economic crisis began to bite, the government said on Monday.

Nov 3, 2008
Eurozone in recession?
BRUSSELS - THE 15 countries using the euro have slumped into a shallow recession in the face of the worst financial crisis in generations, the European Commission estimated on Monday.

Nov 3, 2008
S.Korea unveils stimulus
SOUTH Korea unveiled an economic stimulus plan on Monday and markets geared for more interest rate cuts in Europe and Australia in a frantic campaign to keep the financial crisis from plunging the world into its worst recession in decades.

Nov 3, 2008
Vietnam to cut prime rate
HANOI - VIETNAM'S central bank said it would cut the benchmark interest rate by one percentage point to 12 per cent on Wednesday in a bid to free up credit for businesses amid the global financial turmoil.

Nov 3, 2008
Indon inflation rises 11.77%
JAKARTA - INDONESIA'S inflation rate eased to 11.77 per cent year on year in October, the Central Statistics Agency said on Monday.

Nov 3, 2008
Consumer debt goes up
It indicates more people are unable to meet payments as crisis worsens

Posted by Anonymous in the Singapore Property Forum

May also want to read:
Fire Sale: Owners Dump Condos
The days of Cheap, Easy Credits chasing after property is OVER!
When the bubble of greed and fear burst, guess who suffer?
Property Investment Tip: Don't put all your eggs in one basket
HDB Resales: West Sees Highest Price Increase


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The blogger here has been affectionately named by close allies as "Smart Buyer" but really, he's not smart. Smart Buyer just believes that being prudent is smart. That's the essence of the message of this blog and Smart Buyer hopes it'll benefit other property buyers.

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