This is not a good sign as it means there are not enough production of goods and services esp by newer and smaller companies and as a result of low sales and or production need to borrow less.
I remember before the korean ecomomy boomed, korean enterprises literally will borrrow any amount of monies you are willing to lend them as the govt give guarantees via a finacial intermediary.
Here you have GLC's and NTUC linked companies dominating almost everthing and local enterprises cannot grow or thrive in this unfair playing field,-no different from the political arena.
They import foreigners by the millions to cut cost but what have these done for innovation?
Why bother to invent or innovate when you can employ cheap labour as the easy way out?
