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Posted By Topic: Singapore economy slips into recession       - Views: 2592 Change Timezone:
Jimmy Tan
10-Oct 2008 Friday @ 2:28 PM (3601 days ago)               #1
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SINGAPORE (AFP) - - Singapore's trade-sensitive economy has declined for a second straight quarter, the government said Friday, meaning the city-state has entered a recession for the first time in six years.

The Ministry of Trade and Industry also revised downwards Singapore's full-year growth forecast to around three percent, citing a slowdown in the global economy and key domestic sectors.

In a move to confront the downturn, the Monetary Authority of Singapore -- its de facto central bank -- said it was easing monetary policy for the first time in more than four years.

Singapore is Southeast Asia's wealthiest economy in terms of gross domestic product (GDP) per capita but is heavily dependent on trade.

This makes it sensitive to hiccups in developed economies, particularly key export markets the United States and Europe.

The ministry said the impact of the worsening US financial crisis and the deepening credit crunch had weakened US consumer sentiment, which will affect demand from Asia and the rest of the world.

On a seasonally adjusted quarter-on-quarter annualised basis, real GDP declined by 6.3 percent in the third quarter after contracting 5.7 percent in the previous quarter, the ministry said.

While it did not describe the economy as being in recession, a technical recession is generally defined as two consecutive quarters of contraction in economic output.

Economists polled by Dow Jones Newswires had forecast a 0.3 percent quarter-on-quarter rise in gross domestic product, the value of goods and services produced in the economy.

Singapore's last technical recession occurred in 2002 while the most recent full-scale recession was in 2001, when the economy contracted 2.4 percent during the year.

Compared with the third quarter of last year, the ministry said Singapore's economy contracted by 0.5 percent in real terms, against 0.8 percent expansion foreseen in the Dow Jones poll.

In August the government had revised down its full-year GDP forecast to 4.0-5.0 percent but since then, external economic conditions have deteriorated more than expected and some sectors of the economy have weakened significantly because of industry-specific or domestic factors, the ministry said.

"Singapore's export-oriented sectors, such as manufacturing, will be affected," it added.

Last year the economy expanded 7.7 percent but after years of growth, signs of a slowdown emerged with recent disappointing trade data and contractions in the important manufacturing sector, which includes the export-dependent electronic and pharmaceutical industries.

In August, key non-oil domestic exports fell for the fourth straight month, with electronic shipments continuing a decline begun in February 2007, while manufacturing dropped by 12.2 percent.

The August fall in output followed a 21.5 percent decline the previous month.

The government's preliminary third-quarter GDP estimates are based largely on data from July and August, and are subject to revision.



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robertthj
10-Oct 2008 Friday @ 2:36 PM (3601 days ago)            #2
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What did Singapore government do to counter this recession?


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Jimmy Tan
10-Oct 2008 Friday @ 2:42 PM (3601 days ago)            #3
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quote originally posted by robertthj:

What did Singapore government do to counter this recession?












So far...
In a move to confront the downturn, the Monetary Authority of Singapore -- its de facto central bank -- said it was easing monetary policy for the first time in more than four years.
Smile


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robertthj
10-Oct 2008 Friday @ 3:40 PM (3601 days ago)            #4
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quote originally posted by Jimmy Tan:

So far...
In a move to confront the downturn, the Monetary Authority of Singapore -- its de facto central bank -- said it was easing monetary policy for the first time in more than four years..

you think this will save the nation?
no money involved...
cheh...


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kopiroti 1
10-Oct 2008 Friday @ 3:51 PM (3601 days ago)            #5
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quote originally posted by robertthj:

you think this will save the nation?
no money involved...
cheh...

Yes , money involved , your money !
they will cut your Cpf again to lower manpower cost sooner or later .


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robertthj
10-Oct 2008 Friday @ 3:52 PM (3601 days ago)            #6
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quote originally posted by kopiroti 1:

Yes , money involved , your money !
they will cut your Cpf again to lower manpower cost sooner or later .

Looks like our government is the government least willing to help slow down the recession...


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SKYBULLET007
10-Oct 2008 Friday @ 4:00 PM (3601 days ago)            #7
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quote originally posted by robertthj:

What did Singapore government do to counter this recession?

Increase PUB bills, build more ERP gantries to cover up the losses in foreign investments. Then in will not affect their salaries.


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kopiroti 1
10-Oct 2008 Friday @ 4:00 PM (3601 days ago)            #8
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quote originally posted by robertthj:

Looks like our government is the government least willing to help slow down the recession...

This is not the 1st time SG slips into recession , just see what they do previously , do will do the same again !
Cut CPF la , cut pay la , except to work longer hours la , work 2 jobs la........................................................
Always the working class lose the most  


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robertthj
10-Oct 2008 Friday @ 4:02 PM (3601 days ago)            #9
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quote originally posted by kopiroti 1:

This is not the 1st time SG slips into recession , just see what they do previously , do will do the same again !
Cut CPF la , cut pay la , except to work longer hours la , work 2 jobs la........................................................
Always the working class lose the most  

If the cabinet 10% pay cut, should be able to save the country...


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kopiroti 1
10-Oct 2008 Friday @ 4:03 PM (3601 days ago)            #10
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quote originally posted by SKYBULLET007:

Increase PUB bills, build more ERP gantries to cover up the losses in foreign investments. Then in will not affect their salaries.

Haha................  they are thinking veri hard now what to increase next 


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ACLIVE
11-Oct 2008 Saturday @ 12:32 AM (3601 days ago)            #11
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quote originally posted by SKYBULLET007:

Increase PUB bills, build more ERP gantries to cover up the losses in foreign investments. Then in will not affect their salaries.




with effect from Oct 2008 a $7 processing fee will be applied to all
employers if they have more than 4 CPF contributors Scared Scared

are they trying to chase away the factories with 100 to 200 workers Confused Mad I see the reason why the Co-Opp had done in the
FRONT PAGE of today's newspaper 'hinting' or 'urging' Employers not to
start retrenchment in a hurry Confused Confuseddoes he means to say that
the green light has already given that Employers can start doing it in the
1st quarter of next year Confused Confused Evil Grin Evil Grin

and by giving examples for the workers not to over judged on their work
skill....talking about playing Golf that when I asked 10 elderly workers
do they know the rules of playing Golf and how many of them has actually
hold or touch a Golfing instrument......ha the answer is noon...which
means to say if they want to quote something to alert our ppl quote
something that is more commonly known.....And again how many times that
they want our ppl to go for Employability Skills Systm training Confused
to get our ppl to go for Re-Training ( if I am not wrong that the most
suitable word for it )so as to encourage the skilled workers,executive
and manager to accept a lower income job when they reach the age of
retirement Scared Scared
the deputy secretary has even mentioned that all of us should FACE THE
FACT rather than wasting time and hope not to be affected by the move to confront the downturn Evil Grin Evil Grin

well it's a right timing to make things worst and how do they expect their
ppl to get ready to face the music with a postive guards where prices
rises in the RIGHT TIMING Confused Confusedno wonder some one has been
saying politic is the most dirtiest game to play Frown Frown


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SKYBULLET007
11-Oct 2008 Saturday @ 9:27 AM (3600 days ago)            #12
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quote originally posted by ACLIVE:




with effect from Oct 2008 a $7 processing fee will be applied to all
employers if they have more than 4 CPF contributors

are they trying to chase away the factories with 100 to 200 workers I see the reason why the Co-Opp had done in the
FRONT PAGE of today's newspaper 'hinting' or 'urging' Employers not to
start retrenchment in a hurry does he means to say that
the green light has already given that Employers can start doing it in the
1st quarter of next year

and by giving examples for the workers not to over judged on their work
skill....talking about playing Golf that when I asked 10 elderly workers
do they know the rules of playing Golf and how many of them has actually
hold or touch a Golfing instrument......ha the answer is noon...which
means to say if they want to quote something to alert our ppl quote
something that is more commonly known.....And again how many times that
they want our ppl to go for Employability Skills Systm training
to get our ppl to go for Re-Training ( if I am not wrong that the most
suitable word for it )so as to encourage the skilled workers,executive
and manager to accept a lower income job when they reach the age of
retirement
the deputy secretary has even mentioned that all of us should FACE THE
FACT rather than wasting time and hope not to be affected by the move to confront the downturn

well it's a right timing to make things worst and how do they expect their
ppl to get ready to face the music with a postive guards where prices
rises in the RIGHT TIMING no wonder some one has been
saying politic is the most dirtiest game to play

Well said my fren Smile garment now is thinking of ways to suck the blood out of us since their overseas investment are losing money now. Whacked it out from the locals cause we can only lanlan nia Frown


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MotorBike
11-Oct 2008 Saturday @ 5:25 PM (3600 days ago)            #13
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we r the 1st nation to announce we r into recession in asia...when i see the headlines on newspaper, i was shock that the media actually printed so big...i wonder tis time round..how many ppl will jump at mrt..given that the lemon bros make so many ah peh and auntie coffin $$ gone down the drain..dun expect much from the govt to help...cause the more they help, the more our wallet hurts...i still rem not long ago, they encourage company to hire old workers...then company hrie them at low wages working long hrs...which also make headlines where taking leave or what will have $$ deduct or risk kanna sacked...now leh...our beloved wan us to return our own plates and tray..if return...company still employ them for wat...indeed is the real prataman...peng here peng there....


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ob1
07-Aug 2018 Tuesday @ 7:53 PM (13 days ago)            #14
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10 years ready. 

Another recession coming? 


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