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Singapore is only starting to feel the effects of the downturn. The retrenchments have only just started in the manufacturing sector.
People are already cutting back on buying cars and property. Big ticket items will suffer first, then unessential needs like restaurant-food, holidays and nice clothes will go next.
Next year will be very bad for us. Better tighten your belts and stay in your jobs. The government have already hinted many times already.
learningtheropes ( Date: 12-Dec-2008 11:09) Posted:
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how to build a fierce local brand name when everything is monopolised by Government Linked Companies ?
the only thing they cant monopolise is clothing... and our greatest export up to date ? ERP....
baseerahmed ( Date: 12-Dec-2008 10:12) Posted:
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Yup, but this is what I'm trying to say..why is our full effect not felt yet as compared to other countries if we are the MOST exposed to the recession and also the leader in falling into a technical recession?? Izzit becoz countries like Japan & HK are just more pessimistic and bringing abt a self-fulfilling prophecy?
moneytalk.sg ( Date: 12-Dec-2008 12:05) Posted:
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Nckia........Made in PRC is not bad too!
Gkeace ( Date: 12-Dec-2008 10:31) Posted:
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Technicians usually say this is a good sign if the volume stay low when market is down because this mean no serious or large scale selling.
I think the full effect is still not being felt by the man on the street yet. It is just a matter of time.
Blogging at moneytalk.sg on the stock market, ETF and anything to do with money.
Articles keep saying Singapore is the most exposed to the recession, but if u go to shopping centres and restaurants, it doesnt seem to be the case..the queues at restaurants seems to be getting longer..
In another article in ST, it says doctors in Singapore are not seeing much increase in depression cases or suicide cases as in the case of other countries.
I can only say Singaporeans must be cockroaches..super resilient.."da bu si de zhang lang"..
I agree with baseerahmed, and I think that's what we hope to be good in these areas: Biomed, Financial hub, Info-telecom hub etc. We've "strong fundamentals" e.g. regulatory standards and advantage of East-West management cultures etc. But the emerging giants China, India etc are also developing from bigger talent pools.
BTW, Creative also have another brandname in China - to meet local market needs. In China, for electronics market, so far only Nokia still holds strong to its brand....
not to create 'bad vibes' ... but just a deep concern held for a long time ... despite all the good things about our nation building , we have not built up any strong indigenous industry/products/ brands to call our own .. we don't have any basic raw materials (oil , etc ) or one super industry (cars, electronics etc) or one super brand that everyone in the world wants ..(we had Creative sound cards for one but what is its status now ? ) ... we are basically riding on the coat-tails of the MNCs ... if they falter ... we are very shaken
... we have to keep on spinning like the top on the knife blade's edge .... will we have a fresh new approach to the way we do things ...?
Sekali is FILO.... 1st in last out...LOL!
Use FIFO loh, First In First Out. Though analyst claimed the otherwise. Give us some confidence liao.
tanglinboy ( Date: 11-Dec-2008 22:38) Posted:
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We are first to go into recession. Will we be the last to come out of it?
Singapore seen emerging Asia's weakest economy
Thu, Dec 11, 2008
Reuters
HONG KONG- Singapore is poised to be emerging Asia's worst-performing economy next year, when it is likely to remain entrenched in recession as the global downturn erodes demand for its exports, a Reuters poll shows.
The poll predicts the island state's gross domestic product (GDP) will contract 1.1 percent in 2009. That marks a rapid deterioration in the economic environment from two months ago as the global financial crisis has deepened - a similar poll in late September forecast 4.6 percent GDP growth in 2009.
"Singapore is particularly open to external trade - its export-to-GDP ratio is more than 180 percent, compared with an Asia average of 60-70 percent," said Eric Tsang, an analyst at Calyon in Hong Kong.
"So as U.S., European and Japanese consumers spend less that will hurt Singapore's exports and have a knock-on effect on the rest of the economy."
Economists see some rebound in 2010, forecasting 4.2 percent growth, but that would be well below average annual growth of 6.8 percent between 2003 and 2007.
Singapore slipped into recession - defined as two quarters of negative quarterly growth - in the third quarter.
Philip McNicholas, an economist at Ideal Global in Singapore, said the first quarter of next year would be especially tough - he forecasts GDP will drop at an annualised rate of 15 percent, seasonally adjusted, as exports plunge.
"That will be mainly due to a collapse in U.S. sentiment," McNicholas said. "The U.S. plans a fiscal stimulus package early next year, but it's got to get that through Congress and to the people, so that may not be until the end of Q1 or the start of Q2."
The government pledged $1.5 billion last month to help firms secure credit and said it was prepared to run a bigger budget deficit to boost the economy.
Manufacturing accounts for about a quarter of the economy and factory output fell 12.7 percent in October from September, seasonally adjusted, and 12.6 percent from a year earlier, led by sliding electronics and drugs output.
Manufacturing is expected to be harder hit next year as the downturn in advanced economies accelerates and job losses in the sector will rise as a result, analysts say.
Rising unemployment will dent consumer spending, which is not being helped by a decline in tourism since August.
As the weak economy will encourage the authorities to keep monetary policy loose, the Singapore dollar is likely to remain sluggish, the poll forecast.
Thu, Dec 11, 2008
Reuters
HONG KONG- Singapore is poised to be emerging Asia's worst-performing economy next year, when it is likely to remain entrenched in recession as the global downturn erodes demand for its exports, a Reuters poll shows.
The poll predicts the island state's gross domestic product (GDP) will contract 1.1 percent in 2009. That marks a rapid deterioration in the economic environment from two months ago as the global financial crisis has deepened - a similar poll in late September forecast 4.6 percent GDP growth in 2009.
"Singapore is particularly open to external trade - its export-to-GDP ratio is more than 180 percent, compared with an Asia average of 60-70 percent," said Eric Tsang, an analyst at Calyon in Hong Kong.
"So as U.S., European and Japanese consumers spend less that will hurt Singapore's exports and have a knock-on effect on the rest of the economy."
Economists see some rebound in 2010, forecasting 4.2 percent growth, but that would be well below average annual growth of 6.8 percent between 2003 and 2007.
Singapore slipped into recession - defined as two quarters of negative quarterly growth - in the third quarter.
Philip McNicholas, an economist at Ideal Global in Singapore, said the first quarter of next year would be especially tough - he forecasts GDP will drop at an annualised rate of 15 percent, seasonally adjusted, as exports plunge.
"That will be mainly due to a collapse in U.S. sentiment," McNicholas said. "The U.S. plans a fiscal stimulus package early next year, but it's got to get that through Congress and to the people, so that may not be until the end of Q1 or the start of Q2."
The government pledged $1.5 billion last month to help firms secure credit and said it was prepared to run a bigger budget deficit to boost the economy.
Manufacturing accounts for about a quarter of the economy and factory output fell 12.7 percent in October from September, seasonally adjusted, and 12.6 percent from a year earlier, led by sliding electronics and drugs output.
Manufacturing is expected to be harder hit next year as the downturn in advanced economies accelerates and job losses in the sector will rise as a result, analysts say.
Rising unemployment will dent consumer spending, which is not being helped by a decline in tourism since August.
As the weak economy will encourage the authorities to keep monetary policy loose, the Singapore dollar is likely to remain sluggish, the poll forecast.