Tharman warns of sluggish global economy
-
Singaporeans should brace themselves for the impact of a sluggish global economy in the coming months, said Deputy Prime Minister Tharman Shanmugaratnam yesterday.
But the fundamentals of the local economy are still good and a major global crisis like the one in 2008 is unlikely to happen, he added. Mr Tharman, who is also Finance and Manpower Minister, was commenting on flash estimates for Singapore's economic growth in the second quarter released on Friday.
Gross domestic product (GDP) grew an estimated 0.5 per cent compared with the same period last year - down sharply from the 9.3 per cent year-on-year growth seen in the first quarter.
The slowdown was traced to manufacturing, which has seen falling pharmaceuticals production and reduced demand for semiconductor chips. The sector was also affected by the earthquake and tsunami disaster in Japan in March.
Some of the factors are temporary and may reverse themselves, said Mr Tharman, pointing instead to structural trends in the global economy that pose a greater worry.
'Things are not looking better in Europe,' he said, referring to the fact that several members of the European Union are on the brink of debt default. 'They are looking worse now than they were six months ago, and much worse than 12 months ago. They are still kicking the can down the road and unless the problems are being resolved decisively, confidence is going to keep ebbing,' he added.
-- ST
-
Sluggish?
The economy in Sg is so good that property prices are going up, up and up.
Everybody got high pay increments and bonuses.
Why is he worried?
-
If global economy sluggish lesser GDP growth less pay for PAP ministers and PM.
-
Originally posted by Almond Cookies:
If global economy sluggish lesser GDP growth less pay for PAP ministers and PM.
Sg GDP is dependent on how many more foreigners they can squeeze into the country.
Global economy can crash for all they care.
With another 5 million more people in the country, GDP will quadruple even if another credit crisis hits the world.
-
Originally posted by Almond Cookies:
If global economy sluggish lesser GDP growth less pay for PAP ministers and PM.
Less pay?
Since when have you heard they got "less pay"?
It's either pay did not rise or pay increased.
Never any less pay.
-
Originally posted by charlize:
Less pay?
Since when have you heard they got "less pay"?
It's either pay did not rise or pay increased.
Never any less pay.
Secret to being a millionaire join PAP as a MP. -
somethin bad goin to happen wen they say tat
GIC or Tamashake have lost alot?
-
Originally posted by lce:
somethin bad goin to happen wen they say tat
GIC or Tamashake have lost alot?
Sure or not?
Don't scare people leh.
-
not only europe....usa had better get the debt deal resolved in the senate...else....
there is some cause for concern though...
-
Originally posted by Fcukpap:
not only europe....usa had better get the debt deal resolved in the senate...else....
there is some cause for concern though...
Don't worry.
We have million dollar ministers.
They will solve any problem.
Global or otherwise.
That's why we pay them millions.
-
Originally posted by charlize:
Don't worry.
We have million dollar ministers.
They will solve any problem.
Global or otherwise.
That's why we pay them millions.
But according to them, whenever the economy is doing badly, its because of market forces outside of their control and its not their fault.
Strangely, when the economy is doing well, they say its because of their good work.
-
Originally posted by av98m:
But according to them, whenever the economy is doing badly, its because of market forces outside of their control and its not their fault.
Strangely, when the economy is doing well, they say its because of their good work.
Would you not tell your boss the same thing in your own job?
When something goes wrong, you say not your fault.
When things go very well, you say you deserve the credit.
Come on, don't lie to us.
-
just load of craps and excuses from them
would u admit it is u fault
who dare to overrule or challenge them
want to eat black bean rice and stay changi chalet is it
-
Strange that after each election, prices goes up and economy goes down.