The Singapore economy shrank 4.2 per cent in the fourth quarter of 2008 despite posting an annual growth of 1.1 per cent for last year.
For 2009, the Ministry of Trade and Industry is maintaining its forecast of minus 2-5 per cent, though others think it could be more than minus 5 per cent if the global economy worsens.
The IMF is projecting a global recovery next year – but that looks more than a little optimistic, perhaps wishful thinking. Truth be told, no one knows for sure how long this worldwide depression will last – certainly not the so-called economists who never saw all this coming 18 months ago. Any recovery is unlikely to be quick as the biggest consumers in the world by far are in the United States – and we all know they are in deep trouble.
A global cooling off may not be a bad thing, given the climate chaos expected to descend on us. We cannot rely on governments to cut emissions as many of them are too closely tied to business interests and have shown no political will in that direction.
Last night, over the news, it was reported that more of the Antartica is melting – which will lead to rising sea levels.
This global depression therefore may be God-sent in saving our planet from the unbridled corporate greed and materialism that was destroying it.
In the process, though, a lot of people are going to suffer unless we come up with stronger social safety nets, a retrenchment fund and universal health care.
It is up to us to come up with a fairer, more just economic system from the ruins of global capitalism all around us.
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But in Malaysia, we are told everything is fine and economy is very good.
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Ganesh,
Well, we live in boleh land ,don’t we??? Semua boleh lah!!!!!
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The signs are there for all to see… MNCs in Malaysia are “firing” their staff by the numbers
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In S’pore they are open about it, no hiding or manipulating the figures. That’s why they have the confidence of the international communities.
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Not to worry laaa….when their casinos kick in next year….the house will be afloat with money…..ever wonder why Singapore prints a S10,000 dollar note equivalent to RM24,000. A Malaysian just needs to have 10 of those notes in his wallet and he would have moved a quarter of a million ringgit to their banks. …
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May I just say this….
Sad to see this great nation Malaysia administered by the British Tuans, then handed over to the Malaysian TUANS under Bapa Malaysia Tunku Abdul Rahman Putra & his Malaysian cabinet of TRUE TUANS managing the system of Wesminster style Democracy & with the Rule of Law in 1957,
- getting “Hijacked & Betrayed” by the “Elite UMNO …
- some of those are still “Alive, Kicking & Mentoring ALL the New Ketetuanan Beggar Wannabes”
- To be a Public figure, one must be established, sincere, honest, credible, transparent & above board – should be opened to scrutinization like in the US.
- Many of our Leaders today have “skeletons” of their past in their closets (some have their family’s baggages as well!),
- so how can they be “Honourable” to carry out their duties diligently without “Fear or favour”, even after taking an “Oath” to the King/Sultan/the nation & rayaat.”
- Former Lord President Tun Mohamed Suffian Hashim repeatedly insisted in his foundational written texts that in Malaysia,
- “the constitution and nothing but the constitution is “the supreme law of the land.”
- “Malaysia cannot afford to see constitutional principles imperilled, and constitutional processes jeopardised -
- not even out of an understandable impatience, or a conscientious determination, to see the urgent political and practical problems of the day speedily resolved.”
- Things are brewing HOT in Perak & UMNO/BN is still in “Denial” even at this 11th hour of our nation’s “Political & Financial tsunami” -
- Democracy vs Gutter Politics & Rule of Law vs Law of the Jungle!
- Do you know what is happening in this Bolehland ?
- With the “Double Whammy” Financial & Political Tsunami at our doorsteps….
- there is still no “Structured Contingency plan nor Quantums” in place…
- Whilst the G20 Presidents/PMs/FMs/Governments are strategising & synergising their positions on the GLOBAL FINANCIAL “Chess Board”….
- In this Bolehland….
- Mahathir wants to retire gracefully but….cannot yet..
- with Mukhriz’s position still “Hung.”
- Pak lah also wants to retire gracefully but….cannot yet…
- with SIL’s position still “Hung.”
- PR & the rayaat wants to move on in Perak but….cannot yet…
- with the “Hung” PR/BN Assembly.
- Bank Negara’s Zeti also wants to retire gracefully … but….cannot yet…
- as PM & Finance Minister/PM wannabe are still…
“Quarreling with PR & Anak Bangsa Malaysia with POLITICS JAGUH KAMPONG ala KINDERGARTEN style & still playing with Marbles” when all the other nation’s PM & FM are playing “Chess.”
We the “Rayaat” have to be “Proactive” and it is a matter of “What can I do for myself & my family NOW” rather than…
- “Ayooo…will the gomen help me….
- how to live with no money lor !”
SOON….it will be “Every man for himself”….
- Only you can save yourself & every man for himself….
- So please consider repositioning yourselves & family financially (mortgages, Loans, children’s educational expenditures, etc)…
- Rentals cheaper than >50% loans repayments; downsize your mortgages, cars/loans, etc.
- reposition your profession, career, jobs, etc;
- Remember every dollar is precious & “Cash is King”,
- As such…my frenz….“Pleez Fasten your seatbelts tight” to safely rideout this “Double Whammy” Financial & Political Tsunami !
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Who is to blame for letting BN rule for 52 years? So wake up,if we want to have a change for the better.
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Like I said before….
BN goverment will only move when the “s***” hits the fan….!!!!!
Its been like this for 52 years. You all don’t get it ????
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God is on Malaysia’s side. Our GDP is going to grow to 10.2
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