Singapore sinks deeper into recession

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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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shankar

God is on Malaysia’s side. Our GDP is going to grow to 10.2

veryupset

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 ????

Joe

Who is to blame for letting BN rule for 52 years? So wake up,if we want to have a change for the better.

flyer168

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… Read more »

Jonathan

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. …

peter sng

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.

hemburger

The signs are there for all to see… MNCs in Malaysia are “firing” their staff by the numbers

Beetle

Ganesh,

Well, we live in boleh land ,don’t we??? Semua boleh lah!!!!!

Ganesh

But in Malaysia, we are told everything is fine and economy is very good.