Singapore economy in recession

[condom_loong]

http://sg.news.yahoo.com/afp/20081010/tbs-singapore-economy-growth-0b9af05.html

Singapore economy in recession
AFP
AFP - 1 hour 53 minutes ago

SINGAPORE (AFP) - - Singapore's trade-sensitive economy has declined for a second straight quarter, the government said Friday, meaning the city-state has entered a recession for the first time in six years.
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On a seasonally adjusted quarter-on-quarter annualised basis, real GDP declined by 6.3 percent in the third quarter after contracting 5.7 percent in the previous quarter, estimates from the Ministry of Trade and Industry said.

It did not describe the economy as being in recession, but a technical recession is generally defined as two consecutive quarters of quarter-on-quarter contractions in economic output.

Economists polled by Dow Jones Newswires had forecast a 0.3 percent quarter-on-quarter rise in gross domestic product (GDP), the value of goods and services produced in the economy.

Singapore's last technical recession occurred in 2002, and the most recent full-scale recession was in 2001 when the economy contracted 2.4 percent during the year.

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[condom_loong]

Dow Jones Industrial Average (^DJI) At 4:07PM ET: 8,579.19 Down 678.91 (7.33%)

STRAITS TIMES INDEX
(SES: ^STI)
Index Value: 1,954.16
Trade Time: 10:18PM ET
Change: Down 148.55 (7.06%)
Prev Close: 2,102.71
Open: 1,948.57
Day's Range: 1945.32 - 1982.33
52wk Range: 2,025.56 - 3,897.10

 

[Spirit-Centred]

Multi-million dollars ministers are unable or incapable to prevent Singapore economy from recession irregardless of the current world financial crisis. Therefore even with multi-million dollars ministers, it do not make a difference to save our economy. Many high income earners especially bankers are being battered by this crisis. Some lose their jobs and others expect their this year's earning to tumble by at least 60%. I wonder whether our ministers are expecting a pay cut of more than 50% since their salaries are pegged to these high income earners. If not Singaporeans should be crying fouls.

 

[Tiu-leh-see-fart]

Lee Kuan Yew's son says that singaporeans should brace for a recession.

I think he contradicts his father. 300 billion and every singaporean family has a luxury HDB flat, how can singapore runs into a recession?

So can Lee Kuan Yew confirm that singapore's economy is determined by stocks and shares ?

And how can we define Recession?

Stocks and shares plunge and singapore goes into recession?

You think singapore economy is built by straws and hays?

Perhaps Lee Kuan Yew should come out and talk about it.

If our economy is linked to stocks and shares, then the whole PAP mechanism must be political gamblers. Local voters do not understand what is recession, they vote PAP for more good years and upgrading, that's all they know.

 

[Ramseth]

And how can we define Recession?

Stocks and shares plunge and singapore goes into recession?

Two quarters of negative growth is a technical recession.
Four quarters averaged out, still negative growth, that's a recession.

Stock prices are leading indicators, but not direct factors.

 

[The_Latest_H]

http://sg.news.yahoo.com/afp/20081010/tbs-singapore-economy-growth-0b9af05.html

Singapore economy in recession
AFP
AFP - 1 hour 53 minutes ago

SINGAPORE (AFP) - - Singapore's trade-sensitive economy has declined for a second straight quarter, the government said Friday, meaning the city-state has entered a recession for the first time in six years.
ADVERTISEMENT

On a seasonally adjusted quarter-on-quarter annualised basis, real GDP declined by 6.3 percent in the third quarter after contracting 5.7 percent in the previous quarter, estimates from the Ministry of Trade and Industry said.

It did not describe the economy as being in recession, but a technical recession is generally defined as two consecutive quarters of quarter-on-quarter contractions in economic output.

Economists polled by Dow Jones Newswires had forecast a 0.3 percent quarter-on-quarter rise in gross domestic product (GDP), the value of goods and services produced in the economy.

Singapore's last technical recession occurred in 2002, and the most recent full-scale recession was in 2001 when the economy contracted 2.4 percent during the year.

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If you haven't heed the advice to scale back in your spending and in the stock market, now is the time to do so.

 

[jacobsgoh]

Multi-million dollars ministers are unable or incapable to prevent Singapore economy from recession irregardless of the current world financial crisis. Therefore even with multi-million dollars ministers, it do not make a difference to save our economy. Many high income earners especially bankers are being battered by this crisis. Some lose their jobs and others expect their this year's earning to tumble by at least 60%. I wonder whether our ministers are expecting a pay cut of more than 50% since their salaries are pegged to these high income earners. If not Singaporeans should be crying fouls.

.............. Its most unfair of you to blame those Multi-million dollars ministers, this ressession [like any other crisis] is because of US govt complancency. when lky's son announce that Leeapore's economy is in recession, he was merely conveying a message; believe him or otherwise, please don't blame him for our financial woes, the poor guy is only trying to do his job.

 

[jacobsgoh]

Lee Kuan Yew's son says that singaporeans should brace for a recession.

I think he contradicts his father. 300 billion and every singaporean family has a luxury HDB flat, how can singapore runs into a recession?

So can Lee Kuan Yew confirm that singapore's economy is determined by stocks and shares ?

And how can we define Recession?

Stocks and shares plunge and singapore goes into recession?

You think singapore economy is built by straws and hays?

Perhaps Lee Kuan Yew should come out and talk about it.

If our economy is linked to stocks and shares, then the whole PAP mechanism must be political gamblers. Local voters do not understand what is recession, they vote PAP for more good years and upgrading, that's all they know.

One of them [lky and lky's] could be joking.

 

[denzuko1]

Lee Kuan Yew's son says that singaporeans should brace for a recession.

I think he contradicts his father. 300 billion and every singaporean family has a luxury HDB flat, how can singapore runs into a recession?

So can Lee Kuan Yew confirm that singapore's economy is determined by stocks and shares ?

And how can we define Recession?

Stocks and shares plunge and singapore goes into recession?

You think singapore economy is built by straws and hays?

Perhaps Lee Kuan Yew should come out and talk about it.

If our economy is linked to stocks and shares, then the whole PAP mechanism must be political gamblers. Local voters do not understand what is recession, they vote PAP for more good years and upgrading, that's all they know.

When market is bad, it is always an external factor and the Garment cannot control. When market is good it is the result of Garment's hard work to improve the situation.

The Mini-toads are paid so much yet they are always helpless when things aren't right in Singapore, furthermore, they find ways to squeeze $$$$ out from the people. Seems to me that they are parasites of the country. Hmmm...that reminds me of a movie, call "Bug's life". Guess who are the Grass Hoppers?

 

[denzuko1]

http://sg.news.yahoo.com/afp/20081010/tbs-singapore-economy-growth-0b9af05.html

Singapore economy in recession
AFP
AFP - 1 hour 53 minutes ago

SINGAPORE (AFP) - - Singapore's trade-sensitive economy has declined for a second straight quarter, the government said Friday, meaning the city-state has entered a recession for the first time in six years.
ADVERTISEMENT

On a seasonally adjusted quarter-on-quarter annualised basis, real GDP declined by 6.3 percent in the third quarter after contracting 5.7 percent in the previous quarter, estimates from the Ministry of Trade and Industry said.

It did not describe the economy as being in recession, but a technical recession is generally defined as two consecutive quarters of quarter-on-quarter contractions in economic output.

Economists polled by Dow Jones Newswires had forecast a 0.3 percent quarter-on-quarter rise in gross domestic product (GDP), the value of goods and services produced in the economy.

Singapore's last technical recession occurred in 2002, and the most recent full-scale recession was in 2001 when the economy contracted 2.4 percent during the year.

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My philosophy on Singapore's economy is simple, as long as there is a single shread of positivity in the Garment's comment, the market will go down. When LHL come out and say he cannot see the light at the end of the tunnel, market is at bottom going up. Bottom line is that the Garment is always wrong in forecasting the market. They sucks!

 

[Wobble]

I'd rather think that they have been secretly depressing the news...and after the US hoo-ha quickly used the opportunity to announce it...

 

[Nomad]

we already felt it.
why so long then made the announcement.

 

[Spirit-Centred]

The sub-prime crisis happens more than a year ago and its the first signals that the bubbles are bursting and our government has not take heed of them fast enough to come up with substantial plans to attract real investment to our country instead they depend on F1 formula Racing which is a one-off event and the two IR to be ready by end 2009 that may not take off with a big bang in the current environment. Furthermore, the diversification they talk about is going oversea to India, Russia, MiddleEast etc with our local businessmen to pump our money into these countries and very little investment from these country into Singapore even though the government always boost that our business environment is competitive with our generous foreign workers policy. In fact we are not able to attract enough foreign investments to heap off this recession and we are the first country in Asia to annouce that we are in recession. Isn't this enough to show their incompetence or they are just too competence to show our businessmen how to make money from other countries instead of investing in our own country to create jobs for Singaporean.

 

[Himerus]

we the ordinary people already felt it long long time ago.
now then admit that there is an recession.
so bad...

 

[jw5]

.............. Its most unfair of you to blame those Multi-million dollars ministers, this ressession [like any other crisis] is because of US govt complancency. when lky's son announce that Leeapore's economy is in recession, he was merely conveying a message; believe him or otherwise, please don't blame him for our financial woes, the poor guy is only trying to do his job.

It may be unfair to blame them for the world's economic woes, but is it unfair to ask them to take a salary that is comparable to the other world leaders?

 

[jacobsgoh]

It may be unfair to blame them for the world's economic woes, but is it unfair to ask them to take a salary that is comparable to the other world leaders?

George W Bush is earning a fraction of lky's son's salary, and lky's son is just a Proxy Minister.. USA is a small country compared to Leeapore.

 

[Avantas]

Watch the video report here:

http://wayangparty.wordpress.com/2008/10/12/singapore-the-first-asian-country-to-go-into-recesion/