When the Ministry of Trade and Industry announced (on 21 Jan 09) the growth forecast for 2009 to be between -2% to -5%, I joked that "Wah, such a wide range of percentage, sure hit one. Anyone can also project that, it's idiot proof". With all those Elites working on their analysis, they come out with such vast ranging figures? It was indeed a big joke.
Now I'm wondering if I have to eat my words because the Prime Minister just dealt us with another knee jerking announcement.
"Our GDP growth is forecast to be between -2 and -5 percent. It could be worse if the global economy worsens, even lower than -5 percent is possible," Lee was quoted as saying at a government function on Sunday.
(source : http://sg.news.yahoo.com/rtrs/20090223/tap-singapore-economy-c3bb44c.html)
I also have a lot of doubts of the government's foresight these days. Where's the wisdom they used to brag? The economical problem the world is facing, was foreseeable. People were too complacent, too oblivious of the signs.
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