HEAVILY exposed to the global economy, Singapore will see an economic slowdown that could last 'several quarters', not just one or two quarters, said Finance Minister Tharman Shanmugaratnam yesterday.
Good at least you are being honest for now. Sg likes to paint a rosy picture to the outwide world. Look at the number of poor people you will know. Stop pretending and get real.
Economy may slow? Or WILL slow? Or HAS ALREADY slowed?
Tharman Shamugaratnam doesn't know that economist have been cutting growth forcast in the last one month? And he comes out with a statement like this?
This financial crisis started more than a year ago. The ill winds started to blow way back then. With all the resources of the MAS, the Ministry of Finance and the Ministry of Trade and Industry at their disposal, the government couldn't even tell that things would be bad this year. Our non oil domestic exports have been on the decline since May this year. And he only has this to say, that the economy "MAY" slow? Low unemployment? For now. As he says, the slow down will last several quarters. Does he not understand that the layoffs will come when the slow down comes? The financial services industry is doing well? He really should go talk to some private bankers and I'm not talking about the ones that have just started working.
The Singapore economy is so hardwired to the global economy that when the world economy does well, we do well and vice versa. To make silly staments like this to lay people is so misleading and only gives them a false sense of security. Why is he afraid to tell people the truth? Isn't this a little like Nero playing his fiddle while Rome burnt to the ground?
Lee Kuan Yew warned us a few months ago that a non PAP government would be to our detriment. What he didn't tell us is that the present PAP government really IS not very far worse that that.
Last edited by Melk : October 06, 2008 Monday at 05:47 PM.
Do not forget that the government needs propaganda to "reassure" its citizens, especially those who do not give a damn about what's going on with the rest of the world, but are more concerned about building FW dorm at their backyard, and also to show case to the rest of the world that the Singapore Government is not as stupid as those foreign governments.
Of course, those above-average Singaporeans who are able to decipher the true information from cosmetic touch-up will know to take all these statements by the Govt with a pinch of salt. Just look at Temasek & GIC's real returns over the pasts decades ...
C'mon guys, the ministers are also human being, and they too are afraid to admit whenever they make mistakes. So let's remember the "Yellow Ribbon" project and try to give them a second chance huh? (I think that's the main objective of the Yellow Ribbon project huh? To learn to be more forgiving to ... err ... )
October 06, 2008 Monday, 04:39 AM
