300 cheers for PAP!! GDP to soar up to 9% in 2010!!

[RonRon]

SINGAPORE : Singapore said Wednesday it expects the economy to grow up to 9.0 per cent this year, sharply raising its forecast after a hefty 13.1 per cent expansion in the first quarter.

The Ministry of Trade and Industry (MTI) said in a statement gross domestic product (GDP) is seen expanding 7.0-9.0 per cent this year, higher than its previous forecast of 4.5-6.5 per cent.

Trade-reliant Singapore's revised growth target comes amid signs that the global economy is continuing to recover from the global financial and economic crisis that struck in late 2008 and extended well over into last year.

Singapore's economy, the first in Asia to slip into recession, contracted 2.0 per cent last year.

Preliminary estimates from the trade ministry showed GDP in the three months to March expanded 13.1 per cent from a year ago and 32.1 per cent on a quarter-on-quarter seasonally adjusted basis.

"The outlook for the global economy has shown further signs of improvement," the ministry said.

"While downside risks remain, such as a sovereign debt crisis in Europe or a slowdown due to withdrawal of fiscal measures, these have been outweighed by stronger signs that global economic conditions are improving," it said.

Singapore, one of Asia's wealthiest countries, relies on trade, finance and tourism to drive economic growth.

- AFP/il

 

[SwineHunter]

Yeah GDP for show but at the price of??

 

[hitower]

It is only the first quarter, it is just a forecast for 2010, so, don’t be too happy now. When 2010 ends, then you come here and shout. Even it hit 9% so what, this growth is the expense of Singaporean.

FUCK THE PAP :oIo::oIo::oIo:

VOTE FOR OPPOSITION THIS COMING ELECTION AND THREE THOUSANDS CHEERS for OPPOSITION

HIP HIP HOORAY OPPOSITION!!!

 

[Watchman]

9%

This does not fall directly to salaries .

But only companies that are doing well .

 

[Boliao]

More importantly - what has this got to do with PAP???

When it is bad, they blame it on market force and economy. When it is good, they claim that it is because of their "wise" leadership?

 

[Ash007]

9%? Meaning ministars salary increasing by 9% soon?

 

[hitower]

More importantly - what has this got to do with PAP???

When it is bad, they blame it on market force and economy. When it is good, they claim that it is because of their "wise" leadership?

This sound like my ex-boss:

When Sales are good, it is the products that he bring in sells.

When Sales are bad, it is the salemen is not working hard enough.

 

[ps07857]

guys, gdp contract or expand.... PAP still their bonus.... we have wages that were cut but may not have been restored yet... PAP is not responsible for the latest "recovery".... This is all a chain effect. The Dow Jones broke through 11,000.... the US economy hopefully can recover in the near future... but first the US has to deal with their high unemployment rate.
anyways, PAP should not get credit for this. I can bet u the minisTARS are going... who cares? My bonus is not affected... in fact... now we got more reasons to increase our yearly bonus in 2010.... their bonus in the millions of dollars.

 

[saratogas]

My boss says GDP increase has nothing to cheer about. Things will only get more expensive. Tougher to do business, eat into our margin.

 

[Ash007]

My boss says GDP increase has nothing to cheer about. Things will only get more expensive. Tougher to do business, eat into our margin.

?? shouldn't that be inflation ?

 

[halsey02]

More importantly - what has this got to do with PAP???

When it is bad, they blame it on market force and economy. When it is good, they claim that it is because of their "wise" leadership?

What has it got to do with you? Have your spending power, your spouse spending power, your family spending power increased in tandem with the forcasted GDP of 9%?

Electricity cost have gone up, Town Coucil Fees had gone up...eating out had gone up, marketing cost had gone up by some ( SS 30%) etc. not to mention in most industries, Labour costs have gone up too...:p

What the rosy figures portrayed by the Shitty Times, plus the recent publication of the bonuses & pay for a few public listed companies, are to market that, the MIW's are cheap as compared to the private sector; and they have made huge sacrifices for you during the lean, time, it is time we pay them MORE & compared, they are still AFFORDABLE.

Get the message...whereas check your wallets, have it received a 9% increase? The FT's does...with Foreign Exchange rates etc... and comparing their wages back home....it is a 9000%...YOUR sinGAPORE!

 

[tonychat]

Temasak Review
http://www.temasekreview.com/2010/0...-pap-ministers-increase-their-own-pay-by-8-8/

Wages of Singaporeans declined by 3.2% as PAP ministers increase their own pay by 8.8%


When one has the most expensive government in the world, it is natural to expect out of the world performance from it.

However, life seems to getting worse for Singaporeans as their wages continue to decrease in the face of rampant inflation, especially the prices of public housing.

According to the Labor Report released by the Manpower Ministry yesterday, wages of Singaporeans have decreased by 3.2 percent in 2009.

“Nominal earnings decreased over the year by 1.6% in the fourth quarter of 2009, easing from the 3.0% decline in the preceding quarter. Earnings in 2009 declined by 2.6%, after rising by 5.4% in 2008. After adjusting for inflation (2009: 0.6%, 2008: 6.6%), the decline in real earnings was 3.2% in 2009, deeper than the contraction of 1.2% in 2008.”

[Source: Ministry of Manpower]



As we can see from the above graph, both Singapore’s labor productivity and real earnings decline for the second consecutive year under the PAP.

The report appears to corroborate a comprehensive study conducted by Swiss bank UBS last year which found that “the average Singaporean experienced an 8 percent drop in gross wages, from $11.85 an hour to $10.85 an hour between 2006 and 2009.”

The UBS study findings were dismissed by PAP MP Halimah Yacob in Parliment. She claimed that “anecdotal evidence” showed a significant “jump” of about 20 percent in wages over the period.

“The discrepancy could have come from the limited sample of firms in the UBS study. The study’s figures do not give statistical averages as it covered only a few companies for each profession and city,” she suggested.

According to a recent Wall Street Journal editorial, the relentless influx of foreigners into Singapore over the last few years has depressed the wages of ordinary, decreased labor productivity, increased the cost of living, especially that of public housing and led to an overall decline in the standards of living.

In his recent Budget speech, Finance Minister Tharman claimed that “the healthy growth of wages for low wage families from 2006 to 2008 corresponded with the period when the foreign workforce was growing most rapidly.”

“It was how we were able to offset the decline in wages for our lower-income group that had taken place in the first part of the decade,” he added.

It seems that the PAP ministers and MPs do not really know what is going on judging from their ignorance of the official statistics provided by the Ministry of Manpower.

Even as Singaporeans continue to suffer from declining wages under PAP rule, the PAP has been quick to increase the salaries of its ministers and other political appointees by a hefty 8.8 percent which will cost Singapore taxpayers another whooping $58.7 million dollars.

A certain percentage of their pay is pegged to GDP growth – the higher the growth, the more money they bring home.

Singapore’s GDP growth over the last few years was fueled largely by the easy availability of cheap foreign labor which helped to keep labor costs down, thereby increasing the GDP.

It is quite obvious that the fruits of Singapore’s economic growth were not shared equally among all Sinagporeans with the rich getting richer and the poor getting poorer with the end result that Singapore has the highest income gap among developed economies after Hong Kong.

Not that the PAP cares much anyway. Its octogenarian leader Lee Kuan Yew said during the Kent Ridge Ministerial Forum last year that Singapore’s widening income gap is an “inevitable” consequence of globalization and it matters little so long the government is able to create jobs for Singaporeans.

His views were supported by Mdm Halimah Yacob who said in Parliament lately that the “greatest dignity” the PAP can give Singaporeans is the “dignity of having a job” never mind if it pays sufficiently to maintain a decent standard of living.

With no opposition in Parliament to check on the PAP, Singaporeans will have no choice but to continue to slog for longer hours for less pay.

 

[johnny333]

My boss says GDP increase has nothing to cheer about. Things will only get more expensive. Tougher to do business, eat into our margin.

Rain or shine, boom or bust, you can be sure that the PAP will keep on increasing the costs of living in Spore.

This recession might be a global but The PAP has been responsible for many other Spore specific recessions in the past.

 

[halsey02]

Rain or shine, boom or bust, you can be sure that the PAP will keep on increasing the costs of living in Spore.

This recession might be a global but The PAP has been responsible for many other Spore specific recessions in the past.

Specific....dunno who was the Minister of Finance that triggered the 1984 RECESSION....maybe was eating mee siam with hum at that time; and caused the economy to 'lao sai' ( shit in the.......)...

 

[johnny333]

Specific....dunno who was the Minister of Finance that triggered the 1984 RECESSION....maybe was eating mee siam with hum at that time; and caused the economy to 'lao sai' ( shit in the.......)...

Hmm, who could that be

Some don't think that Spore has fully recovered from that recession.

 

[balajii]

ronron,

why today never use 'internetbridage' to post?

 

[Frankiestine]

Yup without a doubt its going to be election year with all these propaganda out...

 

[Orion]

Lies!

In developed countries, it is hard to grow even 4%. 9% is a joke in sg and we have no industrial resources. Who r they kidding with the downtown?

 

[Ash007]

Lies!

In developed countries, it is hard to grow even 4%. 9% is a joke in sg and we have no industrial resources. Who r they kidding with the downtown?

I thought Sg still "developing"? Sg reach swiss standard of living already ?

 

[halsey02]

Hmm, who could that be

Some don't think that Spore has fully recovered from that recession.

You can check all the Mee Siam with hum or without hum eater...that can not be that many!! but please don't check with HARRY!, Harry Potter, he knows only death eaters!