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Source: https://mothership.sg/2022/07/no-recession-2023-mti/ Economic activity in Singapore "has remained resilient" amid an increasingly challenging global economic environment, Minister of State for Trade and Industry Alvin Tan said in Parliament on Jul. 4. Tan noted a "significant rise in inflation", but pointed to figures that indicated "a continued recovery from the pandemic", such as a 3.7 per cent GDP growth on a year-on-year basis in the first quarter of 2022. Overall, MTI expects the Singapore economy to expand by 3 to 5 per cent in 2022, with growth likely to come in at the lower half of the forecast range, Tan shared. He added that growth in 2023 is expected to moderate further, and a recession is not expected in Singapore in 2023, at this stage. Singapore is also not expected to go through stagflation, a situation where economic growth is stagnant and there is high unemployment, along with high inflation. "Significant" risks in global economy However, Tan said "risks in the global economy remain significant", such as the possibility of further escalation in the Russia-Ukraine conflict, as well as the Covid-19 pandemic, among others. He also cited a global economic slowdown and "strong external inflationary pressures". "As a small, open economy, Singapore cannot be insulated from these external developments," said Tan. Significant rise in inflation, but economy "remained resilient thus far" Referring to the Monetary Authority of Singapore (MAS)'s core inflation metric, as well as "CPI – All Items inflation", a measure of inflation that factors in costs of private transport and accommodation, Tan shared some inflation-related statistics: MAS Core Inflation increased by 3.6 per cent, year-on-year in May, from 3.3 per cent in April, and 2.5 per cent in the first quarter. Core Inflation for 2022 as a whole is expected to average out at 2.5 to 3.5 per cent. "CPI – All Items" inflation rose to 5.6 per cent year on year in May, from 5.4 per cent in April and 4.6 per cent in the first quarter. "CPI – All Items" inflation is expected to average out at 4.5 to 5.5 per cent. However, the economy has "remained resilient thus far", said Tan, citing the following statistics: 3.7 per cent GDP growth on a year-on-year basis in the first quarter of 2022. Non-oil domestic exports rose by 9.3 per cent in April and May, year-on-year. Industrial production rose by 10 per cent in April and May, year-on-year. Retail sales volumes increased by 8.4 per cent in April year-on-year. F&B sales volumes increased by 6.9 per cent in April year-on-year. He also mentioned that for the rest of the year, weaker external demand will be mitigated by the recovery of international travel, and domestic demand with the lifting of Covid-19 restrictions. Tan also outlined government policies to address the economic challenges ahead, namely: Maintaining a stable macroeconomic environment, and tightening monetary policy to temper imported inflation. Providing "immediate and targeted relief to low-income and vulnerable Singaporeans" through a S$1.5 billion support package. Continuing to "attract investments and foster new growth engines". "Strong job creation and wage growth are the best ways to combat inflation," said Tan.

For discussion.... Is this good news or bad news to Singapore .... Yahoo news: Japan slides into recession as tax hike takes toll TOKYO (AP) -- Japan's economy unexpectedly shrank in the third quarter as housing and business investment declined following a tax hike, dragging the country into a recession and further clouding the outlook for the global economy. The world's third-largest economy contracted at a 1.6 percent pace in the July-September quarter, the government said Monday, contrary to predictions it would grow after a big drop the previous quarter. The surprise deepens uncertainty when China's growth is slowing and the 18-country eurozone grew only 0.2 percent in the same quarter. The gross domestic product figures showed across-the-board weakness in demand among consumers, manufacturers and builders. Many individuals and companies had spent money before the sales tax was hiked in April from 5 percent to 8 percent, and spending has languished since then. "The impact of the sales tax was much more severe than expected," said Junko Nishioka, an economist at RBS Japan Securities. Housing investment plunged 24 percent from the same quarter a year ago, while corporate capital investment sank 0.9 percent. Consumer spending, which accounts for about two-thirds of the economy, edged up just 0.4 percent. The BOJ's move, along with a government decision to shift a large share of the public pension fund investments out of government bonds and into higher yielding but riskier shares, pushed Japan's share benchmark to seven-year highs this month. But in morning trading, the Nikkei 225 stock index tumbled 2.6 percent to 17,037.65. Monday's data is preliminary, with a revision due Dec. 8. Since some of the decline was due to reductions in inventory, things may not be as bad as the GDP reading suggests, economists said. Pierre Ellis, senior economist at Decision Economics in New York, said increased business orders in the past three months for machinery, industrial equipment and other big ticket items should boost output in the coming months. Abe already was expected to announce additional economic stimulus this week. The dismal Monday morning data will probably lead him to announce a package worth about 3 trillion yen to 4 trillion yen ($26 billion to $35 billion), Nishioka said. More of stories, link: https://sg.finance.yahoo.com/news/japan-says-economy-contracted-1-000844739--finance.html Good news is Japanese cars will be cheaper if Japan into recession and COE going down... Bad news is Japan is the World's third-largest economy can go into recession, will it affect SG also ......

We have a food crisis upon us, a war in the north, countries restricting exports, fuels prices climbing new highs constantly and our property prices still going up and up.. There seems to be a constant pressure on us to conserve, spend less or worse stop living well. This is MCF, and whilst everyone is affected, being drivers, we aren't in the lowest echelons of the society, and are more likely to be in the middle, but it also means we are sandwiched between enjoying our current lifestyle and trying to pay all the bills on time, without resorted to more loans, defaults and compromises that have dire consequences. So maybe we can get real tips from bros on how to lean burn with dignity, whilst keeping the bellies full and yet live fulfilling lives and encourage one another. So please share, not merely make fun, but do share how to make it work and get out out the crisis well both physically and mentally, even spiritually. - our finances are like an input output chart.. INPUT: - we can try to earn more, but that can be hard in the middle of a crisis -- eg changing to a higher paying job if we get a chance -- get more / better returns for our investments -- get alternate revenue streams OUTPUT: - here there are more choices that bros can share... -- cut down on overseas trips or switch to a cheaper holiday destination, eg Asia-Pac holiday instead of Europe and a shorter duration -- using cheaper fuels -- household brands -- eat good food, but eat at less expensive venues -- cook at home more -- watch movies at home instead of in the cinemas -- keep healthy to save on medical bills, -- exercise more and enjoy the outdoors, pretend it's a trip and camp locally or just take a tour around SG -- use free resources like the library - did you know they have DVDs? -- use free online streaming, legal ones eg Viu, Mewatch -- buy one movie and watch with your buddies together -- take up free hobbies -- help someone else who is in need more - this may cost you time and money, but it can be cathartic, and be good for your mind and soul I heard some friends who are really stressed about the current times, and maybe it's time we can share ideas on how to overcomes things. Not everyone is equally affected, and some may be thriving in these times, but lets encourage and be a pillar and friend to others in these times... Hope others can share too

https://markets.businessinsider.com/news/stocks/stock-market-outlook-recession-stagflation-debt-crisis-nouriel-roubini-economy-2022-7?utm_source=facebook.com&utm_campaign=sf-bi-main&utm_medium=social "Dr. Doom" economist Nouriel Roubini says stocks could plunge another 50% as the US heads towards a severe financial crisis Nouriel Roubini, an economics professor, speaks at a panel discussion at the SALT conference in Las Vegas May 14, 2014. REUTERS/Rick Wilking Nouriel Roubini, the economist known as "Dr. Doom", thinks the US is headed for a severe recession, a crisis that could send stocks falling another 50%. In a column on Project Syndicate, Roubini said the US had "ample reason to worry" about an impending recession, as the economy was currently showing characteristics of both the 1970s stagflation crisis and as the 2008 recession. "[The Federal Reserve] will eventually wimp out and accept high inflation," Roubini predicted of the central bank. He calls the prospect of a soft landing for the economy "dangerously naive," noting that the New York Fed places the odds of such a scenario at just 10%, and adds that the combined pressures of inflation and debt could push stocks down another 50%. For investors, that's a grim omen, as the S&P has already experienced its worst half year since 1970. "In the current context, any rebound – like the one in the last two weeks – should be regarded as a dead-cat bounce," Roubini said -- not an opportunity to buy, like some market optimists have been touting. "The next crisis will not be like its predecessors," Roubini wrote. "Today, we face supply shocks in a context of much higher debt levels, implying that we are heading for a combination of 1970s-style stagflation and 2008-style debt crises – that is, a stagflationary debt crisis." The Frankenstein-style financial meltdown, the economist suggests, has been a source of anxiety for economists and central bankers in the past year, as prices continued to rise amid supply-chain pressures. In April, the New York Fed found that the Global Supply Chain Pressure Index surged to 3.29, the first increase since 2021. That was just a month before the CPI clocked in at a record 8.6% for the month of May, the highest hike in prices since 1981. Roubini has earned a reputation for being exceedingly bearish in the economic realm, earning him the title of "Dr. Doom" or "permabear," as the New York Times referred to him in 2008. Those titles aren't without merit, as Roubini was among the first to sound the alarm in the mid 2000s on the coming Great Recession, calling the housing crisis over a year before the blowup of the subprime mortgage market. "There is no real riddle to solve," he warned. "Things will get much worse before they get better."

Outlook for post-Covid recovery clouded, recession could hit 'within next 2 years': PM Lee

GDP contracts 41. economy contracts 12.6% time to change car https://www.facebook.com/93889432933/posts/10157604929742934/?d=n

Its February. 2nd month of the year. So many things happened. not going to talk abt virus so many threads already. Just wondering since this is a car forum, good year to change car? Does the uncertainty that lies ahead affects your car buying decision, PM Lee warns of impending recession, even risk of losing job in the event of the current global situation worsenin.. are we on a wait and see wad happens next attitude? do we see coe dropping? Wads the take for forum members here?

https://www.businesstimes.com.sg/government-economy/wuhan-virus-likely-to-have-much-wider-and-deeper-impact Wuhan virus likely to have 'much wider and deeper impact' China's economy and its trade with Singapore and the rest of the world have grown enormously since the Sars outbreak in 2003: Chan Chun Sing THE Wuhan virus outbreak is likely to have a much wider and deeper impact on the world economy than the severe acute respiratory syndrome (Sars) episode of 2003, and Singaporeans need to be mentally prepared for this, said Minister for Trade and Industry Chan Chun Sing on Sunday. Mr Chan was speaking to reporters during his visit to Oasia Hotel Downtown, where a 73-year-old Chinese national had stayed before testing positive for the coronavirus. He said: "I've heard a lot of people comparing this episode with the Sars episode many years ago in 2003. I think we shouldn't do that kind of direct comparison... Comparing 2003 to now, China's GDP (gross domestic product) has gone up by about four times. Our trade with China has also increased by nearly four times." China's GDP as a proportion of the entire world's GDP has more than doubled since 2003, from 9 per cent then to more than 19 per cent today. Mr Chan added: "The impact of any disruption to the Chinese economy and the supply chains is likely to be a much wider, much deeper impact because of the interlinkages with the global economy, and certainly with the Singapore economy." It is too early to say exactly how big the impact will be. But as the rest of the world progressively tightens their border controls, there will be "serious implications" on tourism and other industries, including manufacturing, Mr Chan said. On Friday, Singapore announced that it will bar anyone with a Chinese passport from entering the country, with exceptions made for Singapore permanent residents, those on long-term passes, and those who can show they have not been to China recently. Other visitors who have been to mainland China within the past 14 days will also be denied entry. In the 13 hours since these travel restrictions kicked in with effect from 11.59pm on Saturday, 15 travellers have been refused entry to Singapore. The bans do not affect existing work pass holders, although about 30,000 work pass holders who are of Chinese nationality left Singapore over the Chinese New Year break and have not returned, Manpower Minister Josephine Teo said on Sunday. These work visa holders, who would be required to go on a 14-day leave of absence when they return to Singapore, make up less than 1 per cent of the work force here, she said. Chinese tourists account for around 20 per cent of Singapore's total international visitor arrivals, with about 3.6 million visitors to Singapore in 2019. To dampen the punch for tourism businesses, the Singapore Tourism Board (STB) announced on Sunday that it will waive licence fees for hotels, travel agents and tourist guides. It will also defray enhanced cleaning costs of hotels that provided accommodation to confirmed and suspected cases of Wuhan virus infections. Mr Chan promised that the measures taken by STB to support affected businesses will be followed by a wider relief package that will be unveiled in the Budget speech on Feb 18. For example, some tour agents and F&B businesses have been very badly hit because 80 to 90 per cent of their business comes from the Chinese market, Mr Chan noted. "Even beyond the tourism related industries, what people are most concerned with is cash flow," Mr Chan said, noting that the ability of businesses to support jobs depends on their survival. "Companies have also asked if we can help them with temporary bridging loans. This is something that we are studying to see how to help them with their cash flow." The Ministry is also studying how it can help defray costs for the aviation sector while maintaining air connectivity between Singapore and China, he said. Mr Chan added: "For the taxi industry and the private hire industry, we will be looking into measures to see how we can help the drivers alleviate some of the temporary cash flow issues that they have at this point in time." He reassured Singaporean businesses and Singaporean workers that "we stand together with them", adding: "We do have the means to help them tide over this difficult moment, but we must do this with a long-term perspective. We must make sure that whatever we do is sustainable because we are not sure how long this crisis will last. "We must be mentally prepared, psychologically prepared that the impact of this, compared to Sars could be wider, deeper and longer."

@wt_know say one

I guess a staple topic for every new year. How's everyone 2018 so far? Good increment? Good bonus? Good employment opportunities? What do u think 2018 will turn out to be in terms of both financial & political progress?

Ok as requested! Are we in recession or not? Happy new year all Continued from here http://www.mycarforum.com/topic/2701178-2016-recession-year-gloom-and-doom-2017/

this is good news for some of the young people. from personal experience i have seen some of the younger people from the last downturn come to do quite well after a few years. --- S'pore grads in recession catch up eventually Teh Shi Ning | The Business Times | Wed Nov 23 2011 SINGAPORE - Graduates entering the job market here in a recession start off with lower pay, but their salaries catch up with the wages of those who start in economic booms after about three years on the job. This compares with an 18-year disadvantage faced by graduates joining the United States workforce in a recession, says a study published in the latest issue of the Economic Survey of Singapore, released yesterday. Click here to find out more! Economists from the Ministry of Trade and Industry's (MTI) Economic Division found that a one percentage point increase in the unemployment rate at the time a university graduate starts work reduces his starting pay by about 6-8 per cent. The results of their statistical regressions are similar to those of a US study of graduates which finds an initial wage loss of 6-7 per cent for a one-point increase in the US unemployment rate. But this negative impact diminishes over time and disappears after a graduate has gained three years of work experience. "Singapore's labour market would thus appear to be efficient enough to prevent the perpetuation of downward wage persistence for 'unlucky' cohorts of graduates," the study's authors said. The US study found that it takes almost 18 years before a graduate's initial wage disadvantage is mitigated. Singapore's recovery period could be shorter due to higher job mobility of university graduates here, or greater variable and performance-linked components in the wage structures here, which could make it easier for "unlucky" graduates to catch up with the skills acquired, the MTI economists said. Their results do come with caveats though. The data available, from 2000 to 2007, covers just one recession and the short time frame may exclude long- term negative effects. Also, without information on individual ability and job switches, they were unable to assess how different segments of university graduates are affected - key because wage persistence can differ for people of varying abilities. The economists said that this exploration of whether joining the labour force in recession-time has a negative impact on wages is an area "of growing importance", given the "rising economic volatility in Singapore". There have been three recessions in the last 15 years, and only one before 1996. Job creation was stronger in Q3, with 32,300 jobs added in the quarter compared to 24,800 in Q2. But with economic slowdown now underway, economists like OCBC Bank's Selena Ling expect the labour market to "soften this quarter and next year". Pointing to recent official business expectations surveys, she notes that employers have already turned cautious about hiring. This article was first published in The Business Times.

earlier this morning, China market plunges 7% and is suspended for the rest of today... second time already in this week all other markets are badly affected a very bad start to 2016 looks like the US interest rate hike and hard landing of China economy slowdown will create a global financial storm in 2016 retrenchments and pay freezes, zero bonuses are inevitable during recession the only good thing is.... COE may crash to 20+k or even lower

Just wanted to look around to see how many folks are aware of the actual dismal performance of our Q2 GDP growth, which contracted by 4.7% on an annualized q-on-q basis? It's quite interesting looking at local media coverage of the Q2 GDP statistics, and foreign media coverage (i.e. BBC, Reuters, Bloomberg). Something that really stands out is how the local media headlines and emphasis is on the nominal y-on-y 1.8% GROWTH in GDP, with the actual negative contraction of 4.7% relegated to one or two sentence buried in the middle of the report. Whereas for foreign coverage, the emphasis is on annualised contraction of 4.7% in GDP. To put this into context, SG hasn't experienced such a sharp contraction in GDP on a quarterly annualised basis since the 1997 Asian Financial Crisis. Around my own circles, the non-finance or non-economics trained individuals didn't really have a clue that the economy just hit a hard landing and we are staring right into the abyss of quite a deep recession that is close approaching. Pretty much why explains why most people here are so tied up in debating on COE fluctuations and hypotheticals everyday :) See examples below. Local and official sources https://www.enterpriseone.gov.sg/en/News/2015/July/150714%20Singapores%20GDP%20Rose%20By%201pt7percent%20On%20Year%20In%20Q2%202015.aspx http://www.singstat.gov.sg/docs/default-source/default-document-library/news/press_releases/advgdp2q2015.pdf http://www.channelnewsasia.com/news/business/singapore-economy-grew/1982450.html Foreign sources: http://www.reuters.com/article/2015/07/14/singapore-economy-gdp-idUSL3N0ZQ34K20150714 http://www.cnbc.com/2015/07/13/singapore-2q-gdp-dropped-46-on-quarter-while-08-rise-expected.html

actually recession was expected? oh darn it...

Engulfed by recession and high unemployment rate, Spain's new car sale for 2012 has plunged by 13.2%. According to Spanish car makers' association ANFAC, it was a dismal December when new car sales plunged 23% from a year ago, which led to this steep annual decline last year with little expectation of improvement in 2013. This is the lowest level ever recorded since data collection began in 1989. A similar situation is affecting France as well, where new car registrations hit a 15-year low in 2012. ANFAC commented that the figures could have been worse if not for a new car subsidy scheme introduced by the government on 1 October 2012 in an attempt to offset the effect of a 3% hike in value added tax that was introduced in September 2012. Most economists expect the Spanish unemployment rate to remain above 25% in 2013 and its economy to endure another year of recession. Spain, which is the Eurozone's fourth-largest economy, has been hit particularly hard by the collapse of the country's housing market, which forced the government to bail out the Spanish banking sector with assistance from the EU.

...but i thot we got one superhero who can STEER our way out steady wan?? tt time, i remember, steady hand, steady this, that.....smlj?? DPM Tharman warns of severe slowdown in global economy By Wayne Chan | Posted: 19 November 2011 1843 hrs SINGAPORE: Deputy Prime Minister Tharman Shanmugaratnam has warned of a possible severe slowdown in the global economy due to the debt crisis in Europe. He said that this could test the leadership of Singapore's government and union movement. Mr Tharman said: "Unfortunately, troubles are brewing once again, this time in the eurozone... We have to prepare for the possibility, the very real possibility of rough times ahead, a severe slowdown in the global economy. Once again, this will test leadership, leadership not just within government but leadership within the union movement." He was speaking at a graduation ceremony for the Ong Teng Cheong Labour Leadership Institute, where Mr Tharman and Labour Chief Lim Swee Say gave out certificates and diplomas to 99 graduates. Mr Tharman's comments come a day after the Monetary Authority of Singapore (MAS) warned that the global economy is at its most fragile state since the last financial crisis. However, Mr Tharman believes Singapore will be able to use crises to become fitter, more skilled and more ready to take on future opportunities. He said: "That has been the way we have dealt with past crises, not become all defensive, not retreat, but use the crisis as an opportunity to build up skills and build up competitiveness. "And if we go through difficulties once again next year and possibly beyond, we will be able to once again show the world how we use crises to build up our competitiveness and to emerge even stronger, just like we did the last time." Mr Tharman said Singapore's brand of tripartism (where the union works together with the government and companies), has resulted in Singaporean workers today enjoying better working conditions and higher salaries - something not many other countries have been able to achieve. But he added that there is still the ongoing battle to uplift those with low wages who are struggling to survive, and to correct working conditions which are still substandard in pockets of the economy. During the ceremony, Mr Tharman also highlighted graduates who made an effort to upgrade. One of them was 50-year-old Mohd Rasi Taib, president of the National Transport Worker's Union, who did not let age stop him from upgrading his skills. Another is Mr Ramanathan Doraisamy. He was retrenched but picked up leadership skills learnt at the institute and secured a new job as a quality assurance engineer. The graduates included union leaders, as well as industrial relations and human resource practitioners.

Let's discuss how we can reduce our expenditure in this impending recession. 1) change cars less often 2) eat out less often 3) multi task per trip to reduce multiple trips 4) travel less, if have to, to nearby places etc.. bros and sis...got any inputs...let's share together

Many complains we hear about online will disappear for instance 1. Fewer more FTs cos they will go back home. 2. Property prices will be cheaper as a result of 1. Less demand for rentals so HDB flats may see their long awaited correction. 3. Cheaper petrol/energy cos recession 4. Cheaper electricity cos of 3. 5. Fewer cars of the road cos of economic slow down. 6. Cheaper COES. Less tax to Govt due to less demand for cars 7. Cheaper food, maybe. This is assuming we still have jobs to pay for 1-7, So lets try to look at the brighter side of a slow down.

Unit at Hougang Green hits $809 psf 11 April 2011 ChannelNewsAsia Homes in suburbs such as Simei and Buangkok are enjoying a resurgence of interest owing to their affordability and accessibility as new malls and MRT lines are built. The appreciation in the prices of such property is prompting some homeowners to cash out at a profit. In Buangkok, prices at the 99-year leasehold Hougang Green recently hit a peak of $837 psf in February when a 764 sq ft unit on the 10th floor was sold for $640,000. This comes after the launch of a new executive condominium development a few streets away

One day, the young lion asked his mom: "Mom, where is the happiness?" Mom replied: "It's on your tail." So the young lion keeps on chasing his tail. But after a whole day of trying, he failed to get the happiness that was on his tail. Then he told his mom about this, his mom smiled and said: "Son, you don't really need to chase after your happiness, as long as you keep going and moving forward, your happiness will always be with you." Wish everyone of you find your happiness. You can't decide the length of life, but you can control how you want to live it. You can't control the weather, but you can control your mood. You can't change your look, but you can smile. You can't control others, but you can control yourself. You can't foresee tomorrow, but you can utilize today wisely. You can't win everything, but you can try your very best to achieve that. Hope everyone can face the daily life positively and always happy...

http://sg.news.yahoo.com/afp/20090812/tbs-...ty-0b9af05.html Not yet sleeping so I thought of sharing my view on the current property boom...I was in the east looking for a small apartment...Why?? I just need a small apartment to stay....If I buy a 3-room HDB...It's probably something which is quite old...If I am going to buy a 4 or 5 room in a more centralise area....It's probably going to cost me 70% of the money I required to get a freehold 2 bedder in the east/west or north etc....So why not i pay 30% more and buy something that can last for a long time... I went into the showroom...The salesman very helpful....explained to me the project...bring me look around....then tell me he got colleague that can discussed further with me....yes....it's going to be money talk I guess!!! Anyway since no more 2 bedder is available...I told him I got all the information I required....should i am intersted in the left over 2+1....I will let him know...He immediately told me to wait and bring out a piece of those seem like triple 5 notebook paper...and tell me he got customer whom are willing to let go....minimum 5 units in the paper I saw....I just ask him if that's the case....won't I be buying at a more expensive price? He brush off my question by rattling off again what unit he have to let go... 1 person have already at least 5 units of would be willing to sell units...simple maths...if there is only 20 sales pple and each have also 5 units on hand ready to let go....5 x 20 = 100 buyers whom are willing to give up their units at a profit...The development have a total of 300+ units...I think speculation is really getting hot !!!! Price are really being driven up....

Regardless of whether you're a petrolhead or not, you should know this figure pictured above. He is Jeremy Clarkson, the famous (or some say infamous) presenter in BBC's popular motoring entertainment show, Top Gear. While most of the world was in a recession last year, Jeremy Clarkson took home a substantial

Check this out: http://www.dailymail.co.uk/home/moslive/ar...-recession.html Revealed: The ghost fleet of the recession By Simon Parry The biggest and most secretive gathering of ships in maritime history lies at anchor east of Singapore. Never before photographed, it is bigger than the U.S. and British navies combined but has no crew, no cargo and no destination - and is why your Christmas stocking may be on the light side this year

With unemployment at a record high and the economy going from bad to worse, Joe Biden was forced to admit the obvious on Meet the Press on Sunday. "Everyone guessed wrong," he said about the impact of the administration