Wednesday, January 21, 2009

PAP's economic policies comes to bear....

We were told that foreigners are here to create jobs for Singaporeans. Now that they are leaving en masse what is going to happen?

Last quarter GDP growth was an annualised -16.9%[Link]. I don't remember seeing a number this bad anywhere in the world.
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From Times Online
January 21, 2009
Singapore faces devastating exodus of foreigners
Leo Lewis, Asia Business Correspondent

Singapore faces an exodus of 200,000 foreigners as the financial services and manufacturing industries scythe through their workforces and the city-state grinds towards the worst recession in its 43-year history.
The expected exodus, predict analysts at Credit Suisse, could see the number of people living in the tiny but economically powerful island shrink more than 3 per cent to just 4.68 million by 2010 in a shift that would severely undermine the government’s 22-year efforts to boost the population through immigration.
A broad rule of thumb, said analysts at UBS in Singapore, is that nearly every new job created over the last few years went to a foreigner. The economic policies of the city state have overtly relied on its ability to attract talent and skills from abroad.
The departure of thousands of ex-pat bankers, lawyers and accountants between now and 2010 is expected to lead a secondary exodus of manufacturing, construction and service sector foreign workers.

Job losses will hit Singapore hard, said Credit Suisse economist Cem Karacadag, “because they affect more highly paid workers and could result in a semi-permanent drip in the population”. He added that the potential drop “would have far-reaching implications for the economy” including a possible sharp contraction in private consumption.
The knock-on effects of a Singapore exodus, some real estate analysts believe, could also see property prices fall by as much as 30 per cent from their current levels.
Credit Suisse’s grim population forecast comes amid warnings that among non-Japan Asian countries, Singapore’s open economy may be hit hardest by the global downturn. Consumption growth, said the report, could fall to almost zero.
Analysts at believe that the country’s GDP may contract by 2.8 per cent in 2009 as rising unemployment hammers domestic growth and the collapse of consumer confidence around the world hits exports.
Mr Karacadag raised a further red flag for Singapore’s economy by warning that there was a risk that forecasts were still underestimating the effects of a broad Asian downturn and further terrible news from the financial sector.
Singapore – the world’s busiest port by tonnage handled and the home of some of the world’s largest shipping companies - is already feeling the pain of an alarming slump in global trade.
With the credit crunch still affecting trade finance and the demand for Asian manufactured goods in acute decline, hundreds of container and dry-bulk ships now sit unneeded and at anchor outside Singapore. The stagnation, say brokers, is matched onshore.
In tandem with the warnings over a possible population crunch, concerns are growing among investors over the health of Singapore’s domestic banks. The “benign asset quality” environment in which Singapore banks have thrived, say analysts, has now reached an inflection point.
The ratio of non- performing loans is expected to rise sharply as the construction boom that has filled the Singapore skyline with towers and cranes begins to deflate.
Between 2003 and 2008, the population of the city state soared nearly 18 per cent in an increase driven predominantly by foreigners hired to meet Singapore’s endemic shortage of workers during the good times.
When global trade, investment banking and Asian stock markets were booming, Singapore successfully fashioned itself as a financial hub to rival Tokyo and Hong Kong and the expatriates flooded in – around 200,000 jobs were created in the financial and business services sector over the last four years.
A large number of jobs are expected to be lost in manufacturing, which accounts for about a quarter of Singapore’s GDP.

27 comments:

Anonymous said...

This is terrible news.

Time to kick the Papa government out!

Onlooker said...

The exodus is inevitable because they have no attachment to our country.
Perhaps it's for the best if one or two GLC construction company fall.

Anonymous said...

HO CHING SHOULD FUCKING RESIGN!!!!!!!

Anonymous said...

how come they said every new job created in last few years actually went to a foreigner..i dun understand..i have tot i read somewhere in the papers before that locals make up mor eof the proportion of new jobs created??

Anonymous said...

If not wrong for 800,00 jobs created, 500,000 went to ex-pats. All higher paying jobs than average Singaporean.

Anonymous said...

Don't worry. There will be a quick recovery, maybe by the end of the year. The golden period will start again from there.

We are a roller coaster economy. Boom, bust, boom, bust........ Only the PAP remains steady and constant.

What's wrong with that?

Anonymous said...

Quite simply, the economic policies of the PAP govt has failed, spectacularly.

Anonymous said...

Maybe it's better the overly rated bankers, lawyers and accountants leave.
Sans their stratospheric salaries things may just settle to saner levels. Maybe they can take their toxic CDS with them too. Not to forget their conjuring money from thin air tricks too.
Perhaps it is possible than to built a real economy.
Please leave as soon as possible.

Taishan

Disgusted said...

while we're on the topic of letting foreigners go, how about those working in junior level as well?

i read this article abt a chinese lady working as an assistant mgr at bedok kfc. why do we even need a foreigner to fill up this post? i can't believe that no locals were found suitable for this job, unless of course the chinese lady had asked for a much lower pay.

no doubt about it - this liberal labour policy is suppressing wages for singaporeans.

we're told we have to compete on the global stage - a good smokescreen for bringing in cheap labour for companies to rake in profits and govt to boost coffers.

taxi driver said...

Jobs for foreigners. NS for Singaporeans.

Anonymous said...

I agree with 'Disgusted about; 8:29am'.

That assistant managerial job at the bedok KFC (see the papers today) should not have gone to a foreigner! Business in areas such as this, where many heartlanders are living, should be served by the locals for the local people.

Anonymous said...

According to Pap ministers foreigners help create jobs for Singaporeans, but now all foreigners leaving,so is that true that we local will lose our jobs?Please explain,the elite ministers say bus fare don't tie to ol price,can they say now jobs for foreigners don't tie to locals .

Anonymous said...

if you had put good money in this country and you get "played out" constantly, how do you think these foreigners will conclude?

you can't make fools out of people too many times. once they lose confidence in your ..LEADERSHIP and your "clever ways", you think they will trust you with their money?

the problem with our government is that they have been "chasing the dragon"( a term used in the drug world)

their foolish ways are hurting the very people they have been elected to care for.

so far, we have listened to the obvious. none has offered workable solutions yet( the way i see it)

they are STILL chasing MORE of the dragon as a solution.

i say, unless they take a radical approach and TRACK the dragon, they will not be able to arrest the dragon.

will that happen?

let's watch whether they will still chase more "highs"

my bet is that they will ..bow or forced to bow.

Anonymous said...

good to see them fuck off and hopefully they never come back.

hopefully PAP fucks off too.

pumpkin said...

Hi Lucky,

I see you are now a lesser mortal. Is it lucky or unlucky twist of the fate?

Anonymous said...

Hey steady now....
Many 'expats" are not making lots of money. I know of many hired on "local" terms, earning a few thousand dollars and making ends meet like everyone esle.
Others like myself, came here as entrepreneurs to start their own companies and so contributing to the economy of Singapore.
We are struggling too.
Stop being so provincial in your assessment. We are all in the same boat. Those who are leaving , are not leaving because of their own choice. It's just that when you don't have work the governemtn cancel immediately your visa and you have two weeks to get out.
And remember thsi is Asia. Economies here are like a yoyo. Up and down up and down. Soon it will go up again.
And please stop reading the Straits Times . You would already feel much better....
Excellent blog, finally some intelligent dissent.

Anonymous said...

so u've become e lesser mortal?
well come to the world of the lesser mortals

Anonymous said...

Every job created in Singapore goes to a foreigner!

Scholarships created in Singapore goes to FOREIGNERS. You want scholarships? Sign bond that will cripple You!
Remember to book in for NS, IPPT training and reservists on time, OK? If not, I CHARGE YOU!!! HAHAHA

Anonymous said...

Lesser Mortals

Anonymous said...

Jobs for singaporean??
What "job for sporean"??
I hv been jobless for so many years. I was jobless when I was 40+, and after that cld not find a proper job.
Did garment show any concern? do anything?
No, only jobs to FTs.
Now just for shw.
After that back to normal again.

When the time come for show again in 5 years time, will act & wayang again.

Taishan said...

Anon @ 10:10 PM
You're the type of people we need.
But not the financial chicanery experts and their dubious sidekick accountants and lawyers.
Those who would built the real economy are welcomed.

Anonymous said...

too bad. money politics favors the young because, they have more energy and in terms of market, much bigger - that's where the money is, isn't it? money politics, ascribed by our immortal leaders, has decided our oldies should be paid lesser though output is similar to someone younger unless of course you belong to the immortal class.

money politics has caused a great rift between the poor and the rich and the old and young.

money politics has rob the old of its dignity and respect unless of course you belong to the immortal class.

but most of all, people who engage in money politics never put their own money where their mouth is.


they like to use other people's money to do good and of course, make them look good too.

Anonymous said...

Let face it, if they so sincere in helping u. In helping u get a job, they wld hv help long ago.
But they don't.
It is so easy to help u get a job during good time.
But jobs to FTs.
Now just wayang to say jobs will be for sporean.
Who believe???
So many hc been jobless for 3, 4, 5, 6, 7, years during the last "good years".
You think they can help u now that the time is bad???

Anonymous said...

no pt picking on foreign workers. they have created a situation where we are dependent on them.

they pull out, many will sink. it is as simple as .that

Anonymous said...

Lucky,

Allow me to clarify why some of yr readers are confused about the jobs going to foreigners and local.

This is because they do not yet understand or refuse to accept the manipulation of infomation presented for mass consumption..

As far as PAP goes,there are only two classes of people in Singapore,local(or residents,or Singaporeans) and foreigners.

But actually included in their so called Singaporeans are a group of 700,000 P.Rs who are foreign citizens,I doubt many Singapore citizens are aware of this fact.

So when PAP announce Singaporeans,they are talking about Singapore citizens and PRs.

But for any Tom,Dick and Harry,including PRs themselevs in Spore,they tot PAP is referring to Singapore citizens ONLY.

I would be glad if some one can show me a foreigner who is aware that PAP calls him a Singaporean!

Anonymous said...

Jobs for singaporean??
What "job for sporean"??
I hv been jobless for so many years. I was jobless when I was 40+, and after that cld not find a proper job.
Did garment show any concern? do anything?
No, only jobs to FTs.
Now just for shw.
After that back to normal again.

When the time come for show again in 5 years time, will act & wayang again.



Well said! This is the honest, brutal, unflinching truth. The PAP has been a failure since the 1990s. Suckers who voted for PAP deserve what they get.

Anonymous said...

got, got jobs for singaporeans, who say don't have.

toilet cleaner, road sweeper, security guard lor.

we citizens are being treated like dirt here hello.