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LoginSingapore has entered a recession
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Growth estimates revised down with GDP decline
Posted: 10 October 2008 0812 hrsSINGAPORE: Against the less than favourable economic environment, Singapore’s GDP growth forecast for 2008 has been revised to around 3% from 4-5%.
Singapore’s Monetary Authority said in a release Friday that economic growth is likely remain below its potential rate over the next few quarters with prospects of a recovery in the latter half of 2009 depending significantly on how conditions evolve.
It also cited the latest advance estimates released by the Ministry of Trade and Industry which show that Singapore’s GDP declined by 6.3% on a quarter-on-quarter seasonally adjusted annualised basis in Q3 2008.
The decline for a second straight quarter, means the city-state has entered a recession for the first time in six years.
Trade figures indicated a slowdown that was generally broad based as external shocks were transmitted to the domestic economy via both the financial and trade channels.
The MAS said, looking ahead, the outlook for the global economy has deteriorated and a more severe global downturn cannot be discounted.
The heightened risk aversion and deleveraging in the financial sector, it said creates new uncertainties for the Singapore economy.
Source: Channelnewsasia
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Originally posted by 不如就死:
mine too..
up there say must tighten belt and freeze headcount..
freeze is still ok...so long as no cut...
tis sad to see pple whom have worked for very long....for a good part of their life here got the letters...
i was going through some employee stuffs yesterday...and felt very sad...when i saw the pics of those that were ask to go during the previous round
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Originally posted by Mospeada:
freeze is still ok...so long as no cut...
tis sad to see pple whom have worked for very long....for a good part of their life here got the letters...
i was going through some employee stuffs yesterday...and felt very sad...when i saw the pics of those that were ask to go during the previous round
u know, our corporate office is already v small.. cut somemore, no one work already ..
haiz..
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Originally posted by maurizio13:
Rising prices (transport, utilities, ERP, etc), increasing unemployment and lower wages.
We have the best of both world, inflation and recession. Inflating cost, unemployment and lower wages due to recession.
the only group of pple need not worry will be the pple upstair....afterall monies will still flow thru to their pocket....
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Originally posted by 不如就死:
time to make ur phone calls to u-know-who...
the lady wun be able to do anything one lah...
the ang moh...doubt he will do anything also...
then that unker...he arrowed the ang moh to handle the case liao leh...
the grand unker...doubt he will even remember that he called me once
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Originally posted by Mospeada:
the lady wun be able to do anything one lah...
the ang moh...doubt he will do anything also...
then that unker...he arrowed the ang moh to handle the case liao leh...
the grand unker...doubt he will even remember that he called me once
u might want to try the NATO one then .. at my side..
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Originally posted by Mospeada:
the only group of pple need not worry will be the pple upstair....afterall monies will still flow thru to their pocket....
Their salaries approved by the head god.
Whoever said Iron Ricebowl was passe was wrong, Singapore has Platinum Ricebowl.
Edited by maurizio13 10 Oct `08, 9:22AM
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Originally posted by maurizio13:
Their salaries approved by the head god.
Whoever said Iron Ricebowl was passe was wrong, Singapore has Platinum Ricebowl.
no everyone can apply 1...selective invitation 1...
no need to submit CPF statements....
submit your paper certs is good enough...
but if u r not a scholar then dun waste ppl's time...
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Originally posted by Mospeada:
ur side....
come this recession....the big players will b e coming all out for shopping sphee liao....
the indo ah gong might want to use the opportunity to sell the chain....
might not.. they are so rich, i think they will take the opportunity to buy more when the ecnomy is bad and prices are low...
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Originally posted by 不如就死:
might not.. they are so rich, i think they will take the opportunity to buy more when the ecnomy is bad and prices are low...
i beg to differ...
in the first place...they have got no direction for the company moving forward...not really concrete direction...
they are renovating the place..so it will be able to fetch a higher and better in the market...
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