"Singapore's dollar reached a one-year low after the city-state became the first economy in Asia to slip into a recession." - Reuters....
"When your neighbor lose his job it is a recession,
when you lose your job it is a depression" - Heard it somewhere.
Yes, it is official - we are in recession. The first in Asia. You might be a bit worried that our govt may not be well prepared for the recession because MM Lee said we were in a Golden Period not too long ago....then when the subprime crisis hit, he said that this might be the first time that US will enter recession while Asia continues to grow. Don't worry our govt is well prepared for the recession and has taken pre-emptive actions to make sure things will be all right.............
............knowing the recession is just around the corner, Singapore Power hiked tariffs by the largest amount ever - despite oil falling by almost 50% from the peak, our public transport operators have also prepared for the recession by changing the fare structure so that most commuters pay more. SingTel has also prepared for the recession by hiking fixed line charges - citing rising cost of copper wires as the reason ( copper like all other commodities have fallen sharply). See....Singapore Inc is well prepared for this recession....it is prepared for its GLCs not to lose its profits by speeding up these hikes ahead of the recession.
The Singapore govt runs this country with a single focus : GDP growth. The size of our GDP helps to justify the pay packets of top civil servants and ministers. You might think given this focus it is a bit strange we are first in Asia to get into recession. There is a logical explanation for all this - we have an export led economy with relatively small domestic demand. We are probably a leading indicator for the global economy...global demand falls, Singapore economy slows fast. The worrying thing is many Singaporeans were having financial problems long before this recession. This recession is just going to make things a lot worse for the bottom 30% of the population. People were unable to save up during the good times because there were continuous hikes in GST, HDB prices, public transport, conservancy fees, medical fees, etc etc. What will happen in this recession? Guess with all those hikes, our GLC monopolies will be able sail through this recession with ease...as for Singaporeans, you will probably have to queue up at the MP's office with the other 200 people for 4 hours to collect that $30 utilities voucher