Showing posts with label Singapore Economic Outlook 2008-2009. Show all posts
Showing posts with label Singapore Economic Outlook 2008-2009. Show all posts
Thursday, January 1, 2009
About this Blog
Mr Lee said the economic outlook is highly uncertain. At each stage of this crisis, events have turned out worse than the experts predicted.
Governments everywhere have been implementing monetary and fiscal measures, rescuing troubled financial institutions and key corporations and pumping money into the economy. But no one is sure how the financial systems and economies will respond, or which policies will work.
'There is a loss of business and consumer confidence and, hence, one thing is certain: things cannot turn around overnight. Quite likely the global recession will be followed not by a quick rebound, but by several more years of slow growth,' Mr Lee said.
'We must therefore prepare for a difficult year ahead, and especially the first half of 2009. 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,' he added.
In response to this economic crisis, Mr Lee said Singapore government's key focus is jobs - keeping people in jobs, helping workers who lose jobs find new ones, and retraining them with new skills.
Apart from lowering corporate taxes in 2008, two initiatives have also been implemented. One is the Skills Programme for Upgrading and Resilience (SPUR) which helps businesses pay for their staff training. More than 120 companies have come on board, which together will train more than 4,200 workers.
The second initiative is enhancing the government financing programmes for companies to ensure that basically sound firms, especially the smaller ones, can still obtain financing despite the tight credit climate, and so keep their operations going.
The government has also recently reduced interest rates and increased insurance premium subsidies under the schemes. These measures will benefit some 13,500 existing loans worth $550 million (US$381 million) and an estimated $3 billion in new loans.
Business Times - 31 Dec 2008
May also want to read:
99 Leasehold Property: Calculation of Depreciation Rate based on Singapore Land Authority Data
Spore Property History 1960-2008
Property Investment Tip: Don't put all your eggs in one basket
HDB Resale Price Index 1990-2008: Graph & Chart
S'pore economy may contract further, expect more retrenchments
Singapore's economy will probably contract further and more retrenchments can be expected in the next few months as companies are forced to downsized, Singapore's Prime Minister Lee Hsien Loong said in his New Year message on Wednesday.Mr Lee said the economic outlook is highly uncertain. At each stage of this crisis, events have turned out worse than the experts predicted.
Governments everywhere have been implementing monetary and fiscal measures, rescuing troubled financial institutions and key corporations and pumping money into the economy. But no one is sure how the financial systems and economies will respond, or which policies will work.
'There is a loss of business and consumer confidence and, hence, one thing is certain: things cannot turn around overnight. Quite likely the global recession will be followed not by a quick rebound, but by several more years of slow growth,' Mr Lee said.
'We must therefore prepare for a difficult year ahead, and especially the first half of 2009. 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,' he added.
In response to this economic crisis, Mr Lee said Singapore government's key focus is jobs - keeping people in jobs, helping workers who lose jobs find new ones, and retraining them with new skills.
Apart from lowering corporate taxes in 2008, two initiatives have also been implemented. One is the Skills Programme for Upgrading and Resilience (SPUR) which helps businesses pay for their staff training. More than 120 companies have come on board, which together will train more than 4,200 workers.
The second initiative is enhancing the government financing programmes for companies to ensure that basically sound firms, especially the smaller ones, can still obtain financing despite the tight credit climate, and so keep their operations going.
The government has also recently reduced interest rates and increased insurance premium subsidies under the schemes. These measures will benefit some 13,500 existing loans worth $550 million (US$381 million) and an estimated $3 billion in new loans.
Business Times - 31 Dec 2008
May also want to read:
99 Leasehold Property: Calculation of Depreciation Rate based on Singapore Land Authority Data
Spore Property History 1960-2008
Property Investment Tip: Don't put all your eggs in one basket
HDB Resale Price Index 1990-2008: Graph & Chart
Tuesday, December 16, 2008
About this Blog
Mr Lim: Says the nation's monetary policy stance is conducive to growth
'The economy is very volatile and very vulnerable to global conditions,' Mr Lim told reporters here yesterday.
'We believe that the growth for this year will come slightly below our earlier projections of 2.5 per cent because since September, there has been an unprecedented drop in world market conditions.'
Still, the nation's monetary policy stance is conducive to growth, he said.
The island's economy has shrunk for two straight quarters and companies such as DBS Group Holdings Ltd and Parkway Holdings Ltd have announced job and wage cuts.
The export-dependent country has been battered by declining orders from its biggest customers in the recession-hit nations of the US and Europe, as well as emerging markets.
The South-east Asian nation will expand 2.5 per cent in 2008, lower than an October forecast for 3 per cent growth and less than a third of 2007's pace, the trade ministry said last month.
The economy, already in recession, may shrink by as much as one per cent next year, the first time since 2001, it predicted then. -- Bloomberg
May also want to read:
99 Leasehold Property: Calculation of Depreciation Rate based on Singapore Land Authority Data
Spore Property History 1960-2008
Property Investment Tip: Don't put all your eggs in one basket
HDB Resale Price Index 1990-2008: Graph & Chart
Growth may be below 2.5% in '08: Hng Kiang
SINGAPORE'S economic growth this year may miss the government's forecast as the global economy worsens amid a credit crisis, Trade Minister Lim Hng Kiang said.Mr Lim: Says the nation's monetary policy stance is conducive to growth
'The economy is very volatile and very vulnerable to global conditions,' Mr Lim told reporters here yesterday.
'We believe that the growth for this year will come slightly below our earlier projections of 2.5 per cent because since September, there has been an unprecedented drop in world market conditions.'
Still, the nation's monetary policy stance is conducive to growth, he said.
The island's economy has shrunk for two straight quarters and companies such as DBS Group Holdings Ltd and Parkway Holdings Ltd have announced job and wage cuts.
The export-dependent country has been battered by declining orders from its biggest customers in the recession-hit nations of the US and Europe, as well as emerging markets.
The South-east Asian nation will expand 2.5 per cent in 2008, lower than an October forecast for 3 per cent growth and less than a third of 2007's pace, the trade ministry said last month.
The economy, already in recession, may shrink by as much as one per cent next year, the first time since 2001, it predicted then. -- Bloomberg
May also want to read:
99 Leasehold Property: Calculation of Depreciation Rate based on Singapore Land Authority Data
Spore Property History 1960-2008
Property Investment Tip: Don't put all your eggs in one basket
HDB Resale Price Index 1990-2008: Graph & Chart
Saturday, December 6, 2008
About this Blog
At the same forum, Manu Bhaskaran, CEO of economic consulting and advisory firm Centennial Asia Advisors, painted a gloomy outlook for the economy, noting that trade financing has been badly affected, with shipping rates falling over 90 per cent from their peak. This would have a significant impact on Singapore's trade-dependent economy, he noted. Monetary and fiscal easing by governments around the world, while appropriate, would take around 12 months to start having positive effects, he said. 'But we need more demand right now,' he added.
In the local context, Mr Bhaskaran pointed out that banks are being extremely cautious about approving loans, and thus foreign investors - even if they are interested in coming into Singapore - might have problems getting the funding they need for projects here. Many large projects have already been postponed, and more are likely to suffer the same fate, which would put further downward pressure on growth. He added that the IMF's forecast of 2 per cent growth for Singapore next year was 'highly optimistic'.
Mr Chua pointed out that up to 60 per cent of the world - China and India being the exceptions - is now in recession, which points to the slowest global growth since the global recession of 1981. He pointed out that in the US, asset values are still dropping, with housing prices set to fall about 33 per cent from their peak before bottoming out. He estimated this would happen by around the end of 2009.
With the sharp cutbacks in spending by Americans as well as Europeans, Asia would inevitably be affected. There would also be downward pressure on some Asian currencies, including the Singapore dollar, he said, which could go to 1.60-1.65 to the US dollar next year.
Extracted from BT
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
Singapore's current recession will last to 2009 making it the longest recession ever
THE current recession here will last till at least the middle of 2009, making it Singapore's longest recession ever, according to Chua Hak Bin, Head of Equity Research, Citigroup. Speaking at a forum organised by the Singapore Press Club yesterday, he added however that there could be a few silver linings for Singapore.Shipping rates falling over 90 per cent
At the same forum, Manu Bhaskaran, CEO of economic consulting and advisory firm Centennial Asia Advisors, painted a gloomy outlook for the economy, noting that trade financing has been badly affected, with shipping rates falling over 90 per cent from their peak. This would have a significant impact on Singapore's trade-dependent economy, he noted. Monetary and fiscal easing by governments around the world, while appropriate, would take around 12 months to start having positive effects, he said. 'But we need more demand right now,' he added.
banks are being extremely cautious about approving loans
In the local context, Mr Bhaskaran pointed out that banks are being extremely cautious about approving loans, and thus foreign investors - even if they are interested in coming into Singapore - might have problems getting the funding they need for projects here. Many large projects have already been postponed, and more are likely to suffer the same fate, which would put further downward pressure on growth. He added that the IMF's forecast of 2 per cent growth for Singapore next year was 'highly optimistic'.
60% of the world now in recession
Mr Chua pointed out that up to 60 per cent of the world - China and India being the exceptions - is now in recession, which points to the slowest global growth since the global recession of 1981. He pointed out that in the US, asset values are still dropping, with housing prices set to fall about 33 per cent from their peak before bottoming out. He estimated this would happen by around the end of 2009.
Downward pressure on some Asian currencies
With the sharp cutbacks in spending by Americans as well as Europeans, Asia would inevitably be affected. There would also be downward pressure on some Asian currencies, including the Singapore dollar, he said, which could go to 1.60-1.65 to the US dollar next year.
Extracted from BT
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
Saturday, November 29, 2008
About this Blog
By industry, unemployment rates rose for those previously employed in wholesale and retail trade, information and communications, financial services, as well as administrative and support services.
Most of the jobs created went to resident professionals, managers, executives and technicians - known as PMETs - who typically earn more. 'There were fewer residents employed in non-PMET jobs in manufacturing and services, but more in construction,' said the report, which attributed this partly to a more educated workforce.
Median monthly income for full-time employed residents jumped 11% to $2,590 this year, compared with 2007's rise of 7.7%. According to the report, this 'partly reflects the spillover effect from the strong economic performance last year and the higher proportion of PMETs among employed residents in 2008'. But adjusted for higher inflation, the growth in median monthly income was a smaller 4.6% compared with 2007's 5.5%.
May also want to read:
Fire Sale: Owners Dump Condos
The days of Cheap, Easy Credits chasing after property is OVER!
Property Investment Tip: Don't put all your eggs in one basket
HDB Resales: West Sees Highest Price Increase
Unemployment Rate Up at 3.3% in Sept 2008
SINGAPORE'S resident unemployment rate has risen from 2.4% last December to 3.1% in June and an estimated 3.3% in September this year, according to the latest Singapore Workforce 2008 report released by the Ministry of Manpower (MOM) yesterday. The report, based on a mid-2008 labour force survey, said that the higher unemployment rate reflects 'more cautious hiring sentiments amid the economic slowdown'.By industry, unemployment rates rose for those previously employed in wholesale and retail trade, information and communications, financial services, as well as administrative and support services.
Most of the jobs created went to resident professionals, managers, executives and technicians - known as PMETs - who typically earn more. 'There were fewer residents employed in non-PMET jobs in manufacturing and services, but more in construction,' said the report, which attributed this partly to a more educated workforce.
Median monthly income for full-time employed residents jumped 11% to $2,590 this year, compared with 2007's rise of 7.7%. According to the report, this 'partly reflects the spillover effect from the strong economic performance last year and the higher proportion of PMETs among employed residents in 2008'. But adjusted for higher inflation, the growth in median monthly income was a smaller 4.6% compared with 2007's 5.5%.
May also want to read:
Fire Sale: Owners Dump Condos
The days of Cheap, Easy Credits chasing after property is OVER!
Property Investment Tip: Don't put all your eggs in one basket
HDB Resales: West Sees Highest Price Increase
Friday, November 21, 2008
About this Blog
Highlight:
MTI has also revised Singapore GDP Forecast from 3% to 2.5%.
MTI said Singapore economy is likely to face a broadbase slowdown in 2009. It has forecasted Singapore GDP Forecast for 2009 between -1% to 2%.
MTI has revised the forecasted inflation rate for 2009 from 2.5%-3.5% to 1%-2%.
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
Singapore's GDP contracted by 0.6% in 3Q2008: MTI's GDP 2008 Forecast Reduce to 2.5%, 2009 Economic Growth -1% to 2%
The Performance of the Singapore Economy for 3rd Qtr 2008 has been released today by MTI. Singapore's GDP contracted by 0.6%, lower than the earlier estimate of 0.5%, with the largest contraction coming from the manufacturing sectorHighlight:
Singapore GDP Forecast for 2008 reduce to 2.5%
MTI has also revised Singapore GDP Forecast from 3% to 2.5%.
Singapore GDP Forecast for 2009 between -1% to 2%.
MTI said Singapore economy is likely to face a broadbase slowdown in 2009. It has forecasted Singapore GDP Forecast for 2009 between -1% to 2%.
Inflation in 2009 to decline
MTI has revised the forecasted inflation rate for 2009 from 2.5%-3.5% to 1%-2%.
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
Monday, November 17, 2008
About this Blog
October's fall compared with market expectations for marginal growth of 0.3 per cent, and followed a worse-than-expected revised 0.9 per cent drop in September.
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
Singapore Economic Outlook: Singapore October Exports Fell 7.4%, worse than expected
Singapore's non-oil exports fell an unexpected 7.4% in October from the previous month after seasonal adjustments, the latest evidence that the worsening financial crisis has reduced demand for Asian exports. Electronics shipments fell by 15% from a year ago while drugs exports fell unexpectedly, down 38.9% in the same periodOctober's fall compared with market expectations for marginal growth of 0.3 per cent, and followed a worse-than-expected revised 0.9 per cent drop in September.
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
Monday, November 3, 2008
About this Blog
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
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
Saturday, November 1, 2008
About this Blog
"AIA S'pore lays off 20: More job losses expected in cost-cutting exercise begun before crisis hit its US parent."
Bull said:
What is 20 retrenchment??? compare to 200,000 new jobs we created this year.If you are not choosy, be realistic with your pay & jobs, no problem lah.
Bear said:
don't forget we've thousands of fresh-grad looking for jobs every year?
don't forget most new jobs created are in the construction industry .. can our retrenched bankers or even factory operators now go and take over blanga's constructional workers' positions?
be realistic with your pay and job... well said ... but how are you going to pay for the million dollar condo you committed earlier this year?
Another Bear said:
Moral of the story do not over commit to those overpriced condo..
Yet Another Bear said:
AIA axes 20 ... just slightly more than a week ago, Merrill Lynch also axed about 20 persons. i heard that very recently, standard charted also axed some (anyone care to confirm??)...
while I am not surprised that banks are cutting fat, these few... maybe 50 people are the "higher income" whose salaries and bonuses combined can easily be used to pay for 1000 workers in the construction and services industry... see the comparison???
so we create 200,000 jobs. Yeah, these are majority the low paying ones. But at the top line, our best paying industry (i.e. banks) are retrenching, most of it on the quiet and not so "visibly" like right now. This looks to me like incomes are going to shrink. The people in the banking & finance industry that were laid off... they were also the very same people that had the money in the first place to buy the condominiums. Many of them did indeed buy during the boom and they aren't necessarily going to be able to get a job with similar pay... let alone better pay to finance their earlier purchases. In fact, the higher up you are, when you are axed, the more difficult it is to find an equivalent job.
Guess what... this is going to be a vicious cycle. When their jobs are unstable, even the ones with loads of cash in the bank will think thrice about buying expensive properties.
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
Property Buyers be Prudent: Fewer Jobs, More Retrenchments Ahead
The following is a forum exchange on the deterioriating job market in Singapore (extracted from the Singapore Property Forum):"AIA S'pore lays off 20: More job losses expected in cost-cutting exercise begun before crisis hit its US parent."
Bull said:
What is 20 retrenchment??? compare to 200,000 new jobs we created this year.If you are not choosy, be realistic with your pay & jobs, no problem lah.
Bear said:
don't forget we've thousands of fresh-grad looking for jobs every year?
don't forget most new jobs created are in the construction industry .. can our retrenched bankers or even factory operators now go and take over blanga's constructional workers' positions?
be realistic with your pay and job... well said ... but how are you going to pay for the million dollar condo you committed earlier this year?
Another Bear said:
Moral of the story do not over commit to those overpriced condo..
Yet Another Bear said:
AIA axes 20 ... just slightly more than a week ago, Merrill Lynch also axed about 20 persons. i heard that very recently, standard charted also axed some (anyone care to confirm??)...
while I am not surprised that banks are cutting fat, these few... maybe 50 people are the "higher income" whose salaries and bonuses combined can easily be used to pay for 1000 workers in the construction and services industry... see the comparison???
so we create 200,000 jobs. Yeah, these are majority the low paying ones. But at the top line, our best paying industry (i.e. banks) are retrenching, most of it on the quiet and not so "visibly" like right now. This looks to me like incomes are going to shrink. The people in the banking & finance industry that were laid off... they were also the very same people that had the money in the first place to buy the condominiums. Many of them did indeed buy during the boom and they aren't necessarily going to be able to get a job with similar pay... let alone better pay to finance their earlier purchases. In fact, the higher up you are, when you are axed, the more difficult it is to find an equivalent job.
Guess what... this is going to be a vicious cycle. When their jobs are unstable, even the ones with loads of cash in the bank will think thrice about buying expensive properties.
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
Sunday, October 26, 2008
About this Blog
Credit Counselling Singapore (CCS) pointed out that these debts will push many individuals into financial difficulties as jobs and income become affected as Singapore economy weakens further and recession grows deeper.
CCS president Kuo How urged consumers to “urgently examine and make every effort to reduce or restructure” their debts, especially credit cards and credit lines, which are expensive and recallable.
May also want to read:
The days of Cheap, Easy Credits chasing after property is OVER!
Fire Sale: Owners Dump Condos
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
Singaporeans' debt increase 10%: Housing Loans Up $6.6B
In the Singapore News report (Friday, October 24, 2008) "Singaporeans are piling on the debt ", total debt of Singaporeans has increased by 10%, with credit card rollover debt at $3.3 billion, and housing loans $6.6 billion. As a whole, preliminary statistics in August from the Monetary Authority of Singapore show that total debt to individuals rises to $112 billion — almost 10% up over a period of 12 months.Credit Counselling Singapore (CCS) pointed out that these debts will push many individuals into financial difficulties as jobs and income become affected as Singapore economy weakens further and recession grows deeper.
CCS president Kuo How urged consumers to “urgently examine and make every effort to reduce or restructure” their debts, especially credit cards and credit lines, which are expensive and recallable.
May also want to read:
The days of Cheap, Easy Credits chasing after property is OVER!
Fire Sale: Owners Dump Condos
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
Thursday, October 23, 2008
About this Blog
In the worst-case scenario, if US Las Vegas goes bankrupt, Marina Bay Sands IR in Singapore is unlikely to escape unscathed, said market observers.
In the extreme scenario, if the parent company is liquidated, Marina Bay Sands IR needs to find a buyer for its stake in the subsidiary, which could affect the construction schedule, he said.
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
Singapore Marina Bay Sands IR threatened by Subprime Crisis
Las Vegas Sands' share price fell a jaw-dropping 90 over pecent, from a 52-week high of US$144.15 to Tuesday’s price of US$12.43, on concerns about a slowdown at its US operations, profitability of its Macau casinos and high gearing. Doubts have been raised about the health of Las Vegas Sands and more importantly, for Singapore, its impact on the Marina Bay Sands Integrated Resort (IR) that is scheduled for completion end of next year.In the worst-case scenario, if US Las Vegas goes bankrupt, Marina Bay Sands IR in Singapore is unlikely to escape unscathed, said market observers.
In the extreme scenario, if the parent company is liquidated, Marina Bay Sands IR needs to find a buyer for its stake in the subsidiary, which could affect the construction schedule, he said.
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
Monday, October 20, 2008
About this Blog
Expectations initially on what the IRs could do to the Singapore economy were indeed very high, especially on the potential impact on the private property price. Property analysts had said it'd bring 40,000 jobs and the foreign talents needed would surely drive property price to yet another peak.
That, however, may be easier said than done.
To begin with, the Singapore Tourism Board is not confident of achieving this year’s target of 10.8 million visitors. Even if visitor numbers do pick up against the odds of an impending global recession, it remains to be seen whether these tourists will spend as freely as initially expected. The IRs have placed its bet in markets all over the world, the trouble is that almost each of these markets is in its downturn. The Shanghai index has fallen 69% from its peak in October 2007 and hit a 22-month closing low in September this year. Mumbai has not fared much better. Ultimately the success of the Singapore IRs will depend on tourist arrival which looks set to be hit by the global economic crisis.
In the light of the worsening global economic situation, analysts have cut back their projections on the IRs' contribution to Singapore to between 0.3% and 0.5% between 2010 and 2015.
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
Singapore Integrated Resorts (Spore IRs) may not live up to expectations
In the BT report "Dicing with a downturn", Saturday October 18, 2008; Singaporeans are again asked if the Singapore’s Integrated Resorts (IRs) can beat a global slowdown?Expectations initially on what the IRs could do to the Singapore economy were indeed very high, especially on the potential impact on the private property price. Property analysts had said it'd bring 40,000 jobs and the foreign talents needed would surely drive property price to yet another peak.
That, however, may be easier said than done.
To begin with, the Singapore Tourism Board is not confident of achieving this year’s target of 10.8 million visitors. Even if visitor numbers do pick up against the odds of an impending global recession, it remains to be seen whether these tourists will spend as freely as initially expected. The IRs have placed its bet in markets all over the world, the trouble is that almost each of these markets is in its downturn. The Shanghai index has fallen 69% from its peak in October 2007 and hit a 22-month closing low in September this year. Mumbai has not fared much better. Ultimately the success of the Singapore IRs will depend on tourist arrival which looks set to be hit by the global economic crisis.
In the light of the worsening global economic situation, analysts have cut back their projections on the IRs' contribution to Singapore to between 0.3% and 0.5% between 2010 and 2015.
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
Friday, October 17, 2008
About this Blog
The governments' bank guarantee scheme was first initiated by the UK government and subsequently adopted by both the European and United States governments. In Asia-pacific; Hong Kong, Australia, New Zealand, Indonesia and of late, Singapore and Malaysia have adopted the policy to guarantee bank deposits. The governments' bank guarantee strategy has so far been successful in achieving its goal of stabilising the global financial system as it restores public confidence.
Singapore government said that while Singapore banking system remains stable and is functioning properly, the absence of such a guarantee may disadvantage financial institutions here.
Read more about: How to invest your money safely
May also want to read:
Singapore Economic Outlook 2008-2009: Singapore Recession likely to be long
Property Investment Advice: Don't put all your eggs in real estate
History of Singapore Property 1960 to 2008
HDB Resale flats Price Index 1990-2008: Graph & Chart
Property Price Index Graph Plotter & Online Property Valuation
Economic Outlook: Singapore Government Guarantee Bank Deposits
Singapore Government has joined other governments to guarantee bank deposits. The government's guarantee will cover deposits in any currency held in savings accounts, fixed deposits, current accounts and under the Supplementary Retirement Scheme; but does not include structured deposits and deposits pledged, charged or secured as collateral. Singapore Finance Ministry and Monetary Authority of Singapore (MAS) said in a joint statement yesterday that the guarantee would take immediate effect and cover until Dec 31 2010.The governments' bank guarantee scheme was first initiated by the UK government and subsequently adopted by both the European and United States governments. In Asia-pacific; Hong Kong, Australia, New Zealand, Indonesia and of late, Singapore and Malaysia have adopted the policy to guarantee bank deposits. The governments' bank guarantee strategy has so far been successful in achieving its goal of stabilising the global financial system as it restores public confidence.
Singapore government said that while Singapore banking system remains stable and is functioning properly, the absence of such a guarantee may disadvantage financial institutions here.
Read more about: How to invest your money safely
May also want to read:
Singapore Economic Outlook 2008-2009: Singapore Recession likely to be long
Property Investment Advice: Don't put all your eggs in real estate
History of Singapore Property 1960 to 2008
HDB Resale flats Price Index 1990-2008: Graph & Chart
Property Price Index Graph Plotter & Online Property Valuation
Tuesday, October 14, 2008
About this Blog
Marc Faber, managing director of Asia-based investment advisory firm Marc Faber Ltd, said,"You have inflationary monetary policies, fiscal policies, and debt growth that will really accelerate."
When asked abot US situation now, Warren Buffett replied: "It's much easier just to inflate your way out of it. If you're a South American or Asian country that owes money in dollars, it gets very binding to pay back in dollars. But if you owe it in your own currency, you just print more currency. And we have the ability to print currency. We can denominate debt in our own currency, whereas many countries can't because people don't trust them."
Paul Volcker (chairman of the US central bank between 1979 and 1987 and credited for battling double-digit inflation that flared in the 1970s) when asked if the massive infusion of liquidity by the Federal Reserve could lead to inflation or stagflation, said, "It's not going to be a problem in the short run. Inflation doesn't flourish in the face of recession. It's something we have to worry about when we get out of this recession."
The question is: Will Central banks' liquidity injection cause super-inflation?
Here are some forumers' views from the Singapore Property Forum:
Bull wrote:
The whole world will reach a super-inflation stage very soon, run for life to dump US$, who throw late who will lose more. US$ will crash, inflation will shoot to sky, US$500/barrel of oil is nothing, so what is $30/plate chicken rice in hawker center, then what is the value of cash? Property in S$ will surge super high.
Bear wrote:
super-huge-inflation + severe-deep-recession = catastrophic-stagflation = Singapore property will crash like never seen before ... this is going to be many times worse than 1996.
Anonymous wrote:
Hyperinflation: bull's latest pet theory. Well, let's see. There will probably be inflationary effects from printing money, but recessions are deflationary. My guess, recessionary effects will probably predominate because governments know they can't afford to have their currecies collapse. (that's even worse than recession).
Derek wrote:
Some people here have been screaming hyper-inflation, whether this is from vested interest or whatever, it does not really matter. However, to dismiss the notion of inflationary pressure offhand from the actions of the central banks across the world may not be completely prudent... so I would really appreciate if other forumers could help chip in with reasoned comments and viewpoints. Thanks!
Anonymous wrote:
Under normal circumstances, injection of liquidity of this scale by central banks would have an inflationary effect. But this is NOT normal circumstances. We are having a credit freeze, a totally different situation from the easy, cheap credits that fuelled the subprime crisis. Banks are moving to the other extreme, they no longer talk about the returns ON their money, they want to be ensured of the return OF their money. Even banks who are willing to lend, they are going to be very stringent, in fact, overly stringent. As such, a flush of liquidity into the economy is unlikely. Besides loans by central banks will be backed by collaterals and other terms and conditions to ensure that banks do not once again become reckless in their lending. The deposit guarantee and liquidity injection by central banks is aimed at stabilising the banking system and once the desired effect is achieved, I'd expect a quick and swift reversal of policy by central banks. Both US presidential candidates have vowed to have greater regulations in the financial system. It's more likely that it becomes over-done in that direction. In other words, expect stringent credit condition to prevail for a very long time.
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
Economic Outlook 2008-2009: Will Central banks' liquidity injection cause super-inflation?
Central banks' move to guarantee deposits and inject liquidity may produce inflationary pressure, according to some market watchers.Marc Faber, managing director of Asia-based investment advisory firm Marc Faber Ltd, said,"You have inflationary monetary policies, fiscal policies, and debt growth that will really accelerate."
When asked abot US situation now, Warren Buffett replied: "It's much easier just to inflate your way out of it. If you're a South American or Asian country that owes money in dollars, it gets very binding to pay back in dollars. But if you owe it in your own currency, you just print more currency. And we have the ability to print currency. We can denominate debt in our own currency, whereas many countries can't because people don't trust them."
Paul Volcker (chairman of the US central bank between 1979 and 1987 and credited for battling double-digit inflation that flared in the 1970s) when asked if the massive infusion of liquidity by the Federal Reserve could lead to inflation or stagflation, said, "It's not going to be a problem in the short run. Inflation doesn't flourish in the face of recession. It's something we have to worry about when we get out of this recession."
The question is: Will Central banks' liquidity injection cause super-inflation?
Here are some forumers' views from the Singapore Property Forum:
Bull wrote:
The whole world will reach a super-inflation stage very soon, run for life to dump US$, who throw late who will lose more. US$ will crash, inflation will shoot to sky, US$500/barrel of oil is nothing, so what is $30/plate chicken rice in hawker center, then what is the value of cash? Property in S$ will surge super high.
Bear wrote:
super-huge-inflation + severe-deep-recession = catastrophic-stagflation = Singapore property will crash like never seen before ... this is going to be many times worse than 1996.
Anonymous wrote:
Hyperinflation: bull's latest pet theory. Well, let's see. There will probably be inflationary effects from printing money, but recessions are deflationary. My guess, recessionary effects will probably predominate because governments know they can't afford to have their currecies collapse. (that's even worse than recession).
Derek wrote:
Some people here have been screaming hyper-inflation, whether this is from vested interest or whatever, it does not really matter. However, to dismiss the notion of inflationary pressure offhand from the actions of the central banks across the world may not be completely prudent... so I would really appreciate if other forumers could help chip in with reasoned comments and viewpoints. Thanks!
Anonymous wrote:
Under normal circumstances, injection of liquidity of this scale by central banks would have an inflationary effect. But this is NOT normal circumstances. We are having a credit freeze, a totally different situation from the easy, cheap credits that fuelled the subprime crisis. Banks are moving to the other extreme, they no longer talk about the returns ON their money, they want to be ensured of the return OF their money. Even banks who are willing to lend, they are going to be very stringent, in fact, overly stringent. As such, a flush of liquidity into the economy is unlikely. Besides loans by central banks will be backed by collaterals and other terms and conditions to ensure that banks do not once again become reckless in their lending. The deposit guarantee and liquidity injection by central banks is aimed at stabilising the banking system and once the desired effect is achieved, I'd expect a quick and swift reversal of policy by central banks. Both US presidential candidates have vowed to have greater regulations in the financial system. It's more likely that it becomes over-done in that direction. In other words, expect stringent credit condition to prevail for a very long time.
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
Friday, October 10, 2008
About this Blog
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%.
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.
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
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
Thursday, October 9, 2008
About this Blog
In a report, Merrill investment house has cut the portfolio weighting for Singapore to 4.27% - below the benchmark weighting of 5.14%. This follows downgrades in property and banking sectors which together account for around half of market capital. The report adds that Singapore is exposed to the global slowdown more than other countries, as its exports-to-GDP ratio is the highest in the region
Merrill research house thinks any chance for a recovery in the second half of this year has disappeared with the deterioration in the economy. Citing demand weak and high inventories, rising debt cost and lower rentals ahead; as reasons for its gloomy outlook, it expects residential prices to fall by 10 per cent this year and 25 per cent in 2009.
Merill believes a sustained slowdown in the property market will impact loan growth in 2009. It expects loan growth to slow to mid-single digits from the current 26% year-on-year, while weaker capital markets and prevailing risk-aversion in the market for wealth management products will cause market-sensitive revenues to decline.
May also want to read:
Singapore Property Developers' Rising Debts
Singapore Economy in the face of Worst Crisis since 1930s
History of Singapore Property 1960 to 2008
HDB Resale flats Price Index 1990-2008: Graph & Chart
Merrill: Downgrades Singapore property and banking sectors, said residential property prices to fall 35%
Merrill reduces Singapore to heavy underweight
In a report, Merrill investment house has cut the portfolio weighting for Singapore to 4.27% - below the benchmark weighting of 5.14%. This follows downgrades in property and banking sectors which together account for around half of market capital. The report adds that Singapore is exposed to the global slowdown more than other countries, as its exports-to-GDP ratio is the highest in the region
Merrill expects Singapore residential property prices to fall by 10% this year and 25% in 2009
Merrill research house thinks any chance for a recovery in the second half of this year has disappeared with the deterioration in the economy. Citing demand weak and high inventories, rising debt cost and lower rentals ahead; as reasons for its gloomy outlook, it expects residential prices to fall by 10 per cent this year and 25 per cent in 2009.
Merrill said Singapore Banking Sector loan growth and wealth management products to suffer
Merill believes a sustained slowdown in the property market will impact loan growth in 2009. It expects loan growth to slow to mid-single digits from the current 26% year-on-year, while weaker capital markets and prevailing risk-aversion in the market for wealth management products will cause market-sensitive revenues to decline.
May also want to read:
Singapore Property Developers' Rising Debts
Singapore Economy in the face of Worst Crisis since 1930s
History of Singapore Property 1960 to 2008
HDB Resale flats Price Index 1990-2008: Graph & Chart
Wednesday, October 1, 2008
About this Blog
Most economists have already cut their estimates of Singapore's 2008 growth to less than 4%, the lower limit of the government forecast.
Citigroup economist Kit Wei Zheng pared his GDP growth forecasts to 2.8% for 2008 and 2.5% for 2009. He reckons the upcoming Q3 2008 flash estimates will likely show a 1% dip from a year ago, and a 7.4% dip from Q2 2008. His Citi analyst colleagues say the severity and duration of the recession is still unclear, and will depend on how the global downturn and global credit crunch pan out.
During the 1985-86 and the 2001 recessions, each saw 4 quarters of year-on-year GDP contraction, while the 1997-98 Asian crisis saw 3 quarters. The 2003 Sars recession was a 'short' single-quarter downturn, due largely to successful disease containment rather than economic factors.
But now more than half of the world's economies (notably the major and big ones) are at risk of recession - with the US and the UK, in particular, on the brink of a systemic financial crisis. Singapore's financial services will soon feel the impact of the credit crunch and global consolidation - and job growth may turn negative next year, the Citi report says.
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
Singapore Economy Outlook 2008-2009: Economists say Recession likely to be long
Citigroup economists predicted that Singapore economy will likely go into a long recession that will last several quarters and the worst will likely occur in H1 2009.Most economists have already cut their estimates of Singapore's 2008 growth to less than 4%, the lower limit of the government forecast.
Citigroup economist Kit Wei Zheng pared his GDP growth forecasts to 2.8% for 2008 and 2.5% for 2009. He reckons the upcoming Q3 2008 flash estimates will likely show a 1% dip from a year ago, and a 7.4% dip from Q2 2008. His Citi analyst colleagues say the severity and duration of the recession is still unclear, and will depend on how the global downturn and global credit crunch pan out.
During the 1985-86 and the 2001 recessions, each saw 4 quarters of year-on-year GDP contraction, while the 1997-98 Asian crisis saw 3 quarters. The 2003 Sars recession was a 'short' single-quarter downturn, due largely to successful disease containment rather than economic factors.
But now more than half of the world's economies (notably the major and big ones) are at risk of recession - with the US and the UK, in particular, on the brink of a systemic financial crisis. Singapore's financial services will soon feel the impact of the credit crunch and global consolidation - and job growth may turn negative next year, the Citi report says.
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
Saturday, September 27, 2008
About this Blog
The worst performer was biomedical sector which contracted by 33.8%. The best performer was the transport engineering sector, which saw positive growth of 6.1%, mainly attributed to the aerospace segment. But economists say this is unlikely to prop up the rest of the flagging manufacturing sector.
Global consumption is expected to slow due to the economic downturn, and Singapore's export-driven manufacturing sector is likely to contract as the world tightens its belt. Observers also expressed concern over what the results for September would be when the full impact of the recent Wall Street meltdown is felt.
In a report on 21 Sep 2008, DBS Group Research says it expects a technical recession, and downgraded Singapore's full year economic growth outlook to 3.6%-4.2%.
Singapore's economy contracted by 6% in the Q2 2008 from Q1 2008. A contraction in the Q3 2008 will mean a technical recession.
According to economists, Singapore will probably slip into a recession in Q3 2008 for the first time since 2002 after exports and manufacturing slumped and fewer tourists visited the city state, economists said.
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
Singapore's Manufacturing Output for Aug 2008 Fell 12.2%
Singapore's manufacturing output in August 2008 fell more than expected , slipping 12.2 % year-on-year, more than the 8%-9% forecasted by economists.The worst performer was biomedical sector which contracted by 33.8%. The best performer was the transport engineering sector, which saw positive growth of 6.1%, mainly attributed to the aerospace segment. But economists say this is unlikely to prop up the rest of the flagging manufacturing sector.
Global consumption is expected to slow due to the economic downturn, and Singapore's export-driven manufacturing sector is likely to contract as the world tightens its belt. Observers also expressed concern over what the results for September would be when the full impact of the recent Wall Street meltdown is felt.
In a report on 21 Sep 2008, DBS Group Research says it expects a technical recession, and downgraded Singapore's full year economic growth outlook to 3.6%-4.2%.
Singapore's economy contracted by 6% in the Q2 2008 from Q1 2008. A contraction in the Q3 2008 will mean a technical recession.
According to economists, Singapore will probably slip into a recession in Q3 2008 for the first time since 2002 after exports and manufacturing slumped and fewer tourists visited the city state, economists said.
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
Monday, September 22, 2008
About this Blog
Just in June 2008, Tharman Shanmugaratnam, Singapore Finance Minister, has said that Singapore is not heading for a recession in 2008. But the continued decline in exports has now raised concern about a possible recession. In an e-mailed response to an Associated Press inquiry, Tharman said that a recession "cannot be ruled out".
Singapore's Trade Minister Lim Hng Kiang was quoted as saying the economy may grow below the government's forecast of 4%-5% this year as the global credit crisis hurts demand for exports.
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
Singapore Government: Recession not rule out as Singapore exports fall
A decline in Singapore's August exports, the fourth straight month of decline, has raised the risk of a technical third-quarter recession.Just in June 2008, Tharman Shanmugaratnam, Singapore Finance Minister, has said that Singapore is not heading for a recession in 2008. But the continued decline in exports has now raised concern about a possible recession. In an e-mailed response to an Associated Press inquiry, Tharman said that a recession "cannot be ruled out".
Singapore's Trade Minister Lim Hng Kiang was quoted as saying the economy may grow below the government's forecast of 4%-5% this year as the global credit crisis hurts demand for exports.
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
About this Blog
The official forecast for Singapore economic growth is still a 4%-5%, but Trade and Industry Minister Lim Hng Kiang has already said full-year growth may dip below the forecast.
PRIVATE sector economists are turning increasingly bearish on Singapore’s economic outlook in 2008 with the weaker-than-expected performance in exports and tourism, which is likely to be further aggravated by the recent Wall Street meltdown.
Citigroup economist Kit Wei Zheng has cut the Singapore economic growth forecast for 2008 to 2.8% and for 2009 to 2.5% , as ‘ripples from the credit crunch hit home’ and trigger a longer and deeper downturn that had been expected earlier this year.
Barclays' Mr Leong Wai Ho is banking on a ’significant pharma-led bounce’ Q4 2008 to materialise a just over 4% growth, the highest forecasted growth among those polled.
DBS Bank economist Irvin Seah said that the latest round of upheaval in the financial markets, triggered by Lehman Brothers’ collapse last week, has sharply increased the risks for Singapore economy.
Exports fell in Aug 2008 by the most in 20 months, plunging ~14% year-on-year and the fourth straight month of decline. Tourist arrivals also dropped for the third consecutive month in Aug 2008 hit by the global economic slowdown. These figures have made economists increasingly convinced of the possibility of a technical recession in the third quarter, defined as two consecutive quarters of negative growth.
What the final number hinges on is the highly unpredictable pharmaceutical industry, which could still swing things either way in the last quarter, said economists. Always a wild card, this sector - which accounts for about 6% of gross domestic product - has now become pivotal, especially since they cannot put a figure to it.
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
Singapore Economic Growth Forecast for 2008 as low as 2.8%
A recent poll conducted by The Straits Times of private sector economists shows that Singapore economic growth will likely come in under 4%, with some downgrading their forecast to as low as 2.8%.The official forecast for Singapore economic growth is still a 4%-5%, but Trade and Industry Minister Lim Hng Kiang has already said full-year growth may dip below the forecast.
PRIVATE sector economists are turning increasingly bearish on Singapore’s economic outlook in 2008 with the weaker-than-expected performance in exports and tourism, which is likely to be further aggravated by the recent Wall Street meltdown.
Citigroup economist Kit Wei Zheng has cut the Singapore economic growth forecast for 2008 to 2.8% and for 2009 to 2.5% , as ‘ripples from the credit crunch hit home’ and trigger a longer and deeper downturn that had been expected earlier this year.
Barclays' Mr Leong Wai Ho is banking on a ’significant pharma-led bounce’ Q4 2008 to materialise a just over 4% growth, the highest forecasted growth among those polled.
DBS Bank economist Irvin Seah said that the latest round of upheaval in the financial markets, triggered by Lehman Brothers’ collapse last week, has sharply increased the risks for Singapore economy.
Exports fell in Aug 2008 by the most in 20 months, plunging ~14% year-on-year and the fourth straight month of decline. Tourist arrivals also dropped for the third consecutive month in Aug 2008 hit by the global economic slowdown. These figures have made economists increasingly convinced of the possibility of a technical recession in the third quarter, defined as two consecutive quarters of negative growth.
What the final number hinges on is the highly unpredictable pharmaceutical industry, which could still swing things either way in the last quarter, said economists. Always a wild card, this sector - which accounts for about 6% of gross domestic product - has now become pivotal, especially since they cannot put a figure to it.
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
Thursday, September 18, 2008
About this Blog
May also want to read:
History of Singapore Property 1960 to 2008
Buy or Not Buy: How to decide amid mixed market signals
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
Singapore Economic Outlook: Non-oil Exports fell 14% in August 2008
Singapore's non-oil exports fell 14% in August year-on-year as slowing global economic growth cut consumer demand for electronic goods. The drop in exports was led by electronic goods which fell 19%. Pharmaceuticals also fell by 9.6%. Exports, however, rose 2.0% compared t0 July 2008. Singapore government cut its 2008 economic growth forecast last month to between 4-5% on expectations of falling consumer demand in the U.S., Europe and Japan. Exports fell 5.8% in July 2008 year-on-year. The continuous decline in August raises the probability of a technical recession in 2008.May also want to read:
History of Singapore Property 1960 to 2008
Buy or Not Buy: How to decide amid mixed market signals
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
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