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Singapore seen emerging Asia's Weakest Economy

lookcc
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23-Dec-2008 23:18

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hv done it.....quite impressive.

OneSharer ( Date: 23-Dec-2008 09:48) Posted:

Maybe people went to Jurong Point Mall, lookcc (haha) its newest extension?

tanglinboy ( Date: 22-Dec-2008 22:25) Posted:

I just came back from Takashimaya. The crowd this year is only like 30% compared to last year.

This is supposed to be the final Christmas shopping week and is usually very crowded at the shopping centers.

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lookcc
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23-Dec-2008 22:58

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uncle, u r right...see see n look look ok lah.....buy after cny wud b super duper cheap.

AK_Francis ( Date: 23-Dec-2008 02:08) Posted:

Ha ha, Taka ah, see see n look look ok lah. Buy ah? All shops closed then AK will consider to drop by again. Agreed, there are good stuff inside there, some worth buying as well.

tanglinboy ( Date: 22-Dec-2008 22:25) Posted:

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nickyng
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23-Dec-2008 14:39

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ya..sgaporean oni ca$h are those 20-30% handful(aka MPs...ministers...pte senior mgt..etc) the rest...50% are like u n me..middle class...sandwiched until almost instand death!...of cos the last 20-30% are those u see in the Mediacorp TV "Help the poor" tv series where u get megastar to do hse spring clean..etc and such....pathetics...indeed !! it like dat wan loh...the same everywhere....NO ANIMALS are BORN EQUAL !! :D

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victorian2
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23-Dec-2008 13:36

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so much for the million dollar salaries of our ministers...to get Asia's distinction of probably being the weakest economy next year. It'll be interesting to see how much cuts there'll be to the salaries or at least maybe they'll donate a huge chunk of the salaries to the needy.

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knightbridge
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23-Dec-2008 12:37

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I came back from US and Canada.. Shopping and tourist belt (vegas LA vancouver same same) same same like taka..

But now got very good bargain in US factory outlet.. Oakley t-shirt and polo going for US5 to US15 . Kenneth cole shoe US40. Nine west, Coach, Kate spade all got 50% on 2nd purchase buy even for boutique for the new season item.

Damned good bargain .. but flying there is a pain as usual.

tanglinboy ( Date: 22-Dec-2008 22:25) Posted:

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Farmer
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23-Dec-2008 11:29

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My view is...try to go again tonight or tomorrow. Basically, S'porean are still cash rich and they like last minute shopping you know b'cos prices will be further slash, there will be bargains all over. Cheers!

tanglinboy ( Date: 22-Dec-2008 22:25) Posted:

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OneSharer
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23-Dec-2008 09:48

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Maybe people went to Jurong Point Mall, lookcc (haha) its newest extension?

tanglinboy ( Date: 22-Dec-2008 22:25) Posted:

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AK_Francis
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23-Dec-2008 02:08

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Yells: "Happy go lucky, cheers."

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Ha ha, Taka ah, see see n look look ok lah. Buy ah? All shops closed then AK will consider to drop by again. Agreed, there are good stuff inside there, some worth buying as well.

tanglinboy ( Date: 22-Dec-2008 22:25) Posted:

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tanglinboy
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22-Dec-2008 22:25

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Yells: "hello!"

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scotty
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22-Dec-2008 10:27

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Time to migrate?

Smiley

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scotty
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22-Dec-2008 10:26

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Singapore seen emerging Asia's weakest economy

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.

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