Year 2009 didn't start off well and not expected to produce much positive news from the economy.
It was reported by AFP today, that Singapore's economy could contract by as much as 2% this year (based on deepening recession).
Real gross domestic product (GDP) fell by 12.5% in the 4th Quarter 2008. The 4th quarter figures are advance estimates based largely on October and November figures. Global economy crisis worsened since November 2008 with sharp decline in global demand, trade and investment.
2009 growth forecast, which now ranges between a contraction of 2.0 percent and expansion of 1.0 percent.
Singapore's economy rely on the movement of goods and services in the region, thus weaker global demand has affected Singapore's electronics and precision engineering industries, pulling the entire manufacturing sector down by an estimated 9.0 percent in the fourth quarter compared to the same time last year, the trade ministry said.
With such bad news, those who had been prudent in 2007 and early 2008, could benefit from their savings than those who had spludge excessively during boom times. For those looking at investing would be able to get good bargains in the near future. Be prudent, be cautious, and do sufficient homework.
Friday, January 2, 2009
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment