Singapore facing its worse Recession on Record. All thanks to China!

[Peiweh]

So there you have it people. The very worse situation in Singapore's history. Today the UK reported -20% GDP figures. The job losses and pain in Singapore is staggering.
And we all have China to thank for this!

https://www.marketwatch.com/story/singapore-facing-its-most-severe-recession-ever-2020-06-10


Singapore is facing its most severe recession ever, due to the shock to supply and demand caused by the Covid-19 pandemic, said Ravi Menon, managing director of the Monetary Authority of Singapore.

The country's gross domestic product for this year is forecast to contract between 7% and 4%, Mr. Menon said in a transcript of a podcast with Tim Adams, president and chief executive officer of Institute of International Finance, on May 28. MAS released the transcript on Thursday.

The MAS's role is mostly aimed at supporting fiscal policy, by easing monetary policy, ensuring smooth functioning of the funding markets and facilitating the flow of credit to the real economy, Mr. Menon said.
On the monetary policy front, the MAS eased the Singapore dollar's rate of appreciation to zero percent, starting at a lower prevailing level of the exchange rate in March, he said. Hence, the exchange rate is at a lower level against a trade-weighted basket of currencies and has been kept stable. This is an accommodative and supportive policy stance, Mr. Menon said.

One of the risks that MAS is quite concerned about is renewed capital outflows from emerging market economies. "They remain vulnerable if there is a round of secondary waves of infections," Mr. Menon said.
Another risk is increased deterioration in credit quality, he said; "There's going to be ratings downgrades."

 

[knowwhatyouwantinlife]

If a virus with minimal symptoms and people not spending money for 4 to 6 months can cause a recession, there is really something really wrong somewhere...and how did mindef defend against this virus with their billions budget every year?

 

[A Singaporean]

It is the PAP slow in taking action and keep bringing in foreigners to replace Sinkies.

 

[redbull313]

Recession already here

 

[Peiweh]

Recession already here

whole world is in a recession now thanks to China and its Virus

China is not your friend

 

[laksaboy]

Errrr....

Wonder how much money Ho Jinx lost in her beloved China?

 

[shittypore]

She Pak si bo chow, as long CAQ is the PM and she wears the pants. If ever PAP get thrown out, CAQ and her will be first to be arrestded and investigated for corruption.

 

[batman1]

Mismanagement of the covid-19 will cause the imminent collapse of the regime .

 

[red amoeba]

Even before onset of virus Singapore economy is teetering at edge of recession. The virus just kicked it down the slope.
For many years the act by government to suppress costs and wages are backfiring. The lack of entrepruniership Is hurting us. The lack of local driven innovation is making us look plain.

 

[shittypore]

Only Slaves Sinkies wiill die with no saving to pull through, Tos cronies nothing to worry most with fat bank account and properties fully paid up.

 

[glockman]

Only Slaves Sinkies wiill die with no saving to pull through, Tos cronies nothing to worry most with fat bank account and properties fully paid up.

Yes they can easily ride it out. It's the common people who will suffer. And most of those stupid fucks still vote for them.

 

[Rogue Trader]

that just means this is the best time to pally up with China since they are also kick starting their economy post pandemic

 

[laksaboy]

that just means this is the best time to pally up with China since they are also kick starting their economy post pandemic

No chance. Sanctions are coming.

 

[millim6868]

There is something wtong with sg, the wsy papigs msnage , seems like 1 covid , many bankrupt n retrenchments.Something really wrong here

 

[whoami]

Recession already here

Nonsense. STI bullish.

 

[whoami]

There is something wtong with sg, the wsy papigs msnage , seems like 1 covid , many bankrupt n retrenchments.Something really wrong here

The one tat is very wrong is Sinkies themselves. Simply no guts to vote for a change. Go ask those 76% majority. Kpkb 24/7 but still kiasi. Now u look at Msia last GE. Look at the Malay tsunami. They have the balls to vote for Oppie.

 

[Leckmichamarsch]

thks to
1. dorms
2. No need to wear mask - esp when not enuf stockpile which was supposed to be after SARS lesson......NATO NATO YOU DIE YOUR BIZ

 

[ChristJohnny]

It remind me not long ago during the 70s and 80s when Argentina economy was tanking ... suddenly they claimed it was USA causes it. I mean get real.

Just like the Arab spring, no doubt US had a hand in it. But they did not realized that destiny is at their own hands ultimately. Blaming others for your failure is the easiest way out for many politicians. It can only works in 3rd world countries.

Race and IQ

 

[bobby]

Donch worry....gahmen say we got plenty of reserves under jaga by President.

 

[winners]

I've said many times before. This PAP government is fucked by this Covid-19 pandemic. They should have taken swift actions to force those dorm operators to segregate their occupants in early January 2020, but they didn't until late March 2020, by which the virus had already spread like wild fires.

They are incompetent, lacked experience and bungled in their handling of this Covid-19 pandemic but still dare to boast that they have sufficient experience gained from the SARS pandemic.

Now, they can only use tax payers' monies from the country's reserve to pay to ailing companies, many of which are beyond redemption and should be closed for good. And in doing so, they still have the audacity to unashamedly claimed that they are doing this to save jobs for Sinkies and PRs. What they are doing now with the Jobs Support Scheme (JSS) is just buying time because once this is stopped in July, more companies will still close.