You really have to go through the numbers to see what is happening to the economy...it is really as bad as it can get.
If you look at the exports to our major trading partners US & China, we are seeing falls of more than 50%. This is why I think JCS (Jobs Credit Scheme) will have very limited impact....the demand collapse is just too severe to overcome. At some point, the govt will have to have to implement off-budget measures because the fallout will simply be terrible. Where are the safety nets? Where are the safety nets? If you take it out too late, the bodies are going to hit the ground (not necessarily just figuratively speaking).
Singapore January non-oil exports fall record 35% on-year
By Ng Baoying, Channel NewsAsia Posted: 17 February 2009 1322 hrs
Singapore's January non-oil domestic exports suffered their largest year-on-year fall since records began in 1977, tumbling a worse-than-expected 35 per cent. January was also the ninth consecutive month of shrinking exports here. This comes on the back of falling demand from all of Singapore's top 10 markets amid a global economic slowdown. Compared to the previous year, exports to China fell by 52 per cent in January, while those to the US decreased by 50 per cent. Electronic products led the overall drop, falling by 38 per cent on-year after shrinking by 25 per cent in December. Non-electronic product exports fell by 32 per cent. Compared to December, non-oil domestic exports shrank 21 per cent. On a month-on-month, seasonally adjusted basis, exports fell by 3.2 per cent in January. This compares to December's 11 per cent slide. Analysts note that this decline is worse than that of September 2001, following the terrorist attacks in the US, when exports dropped 30.7 per cent. Across the region, Asian exports have been on the decline as the global economic downturn depressed demand for goods. Other badly hit countries include Japan, South Korea and Taiwan. - CNA/yb