Singapore is in bad times. You know that and can feel it. However some people choose to ignore the truth and assume everything is hunky dory. Its not. While we may not be heading for the Great Depression, there are difficult times ahead for the economy and people in general. The MAS Monetory Authority of Singapore has declared that while an outright recession is unlikely that Singaporeans should brace themselves for a darker gloom cloaking our economy
Jobs have been taking a hit
The bonuses have been cut
Some firms have not only downsized, but the companies wound up. Singapore is indeed facing hard economic gloom
And here are the signs that tell you this
1) Downword decline in trade numbers
Trade is what Singapore does. Without trade we have nothing. We are an export driven nation and when our non oil domestic export dips below their lowest in the last 3 years, its a sign. Trade makes up a part of our GDP, without trade we are hard pressed.
2) Poor real estate market
Singaporeans and investors are now worried where to park their money. Property isnt the thing that people want to invest in. There are also the additional cooling measures that stopped investors, buyers and sellers dead in their tracks- the Additional Buyers Stamp Duty and the Total Debt Servicing Ratio.
Rental prices are down. Home prices are down. Non landed prices are just down. You can easily rent a condo for the same price of a HDB!
And on top of this, prices dont just affect investors, buyers and sellers. Housing Agents, Bankers, Lawyers are all affected. Then so are the contractors and home service companies. Everyone is affected.
3) Empty Shopping Malls
Singapore is called a shopping city. We love food and shopping. But have you noticed how empty some shopping centers are? The rentals for these have not come down and foot traffic is down. Causing shop owners to go into the red. Even the big boys in the shopping industry are giving up! They are packing up and leaving the country. Its just too expensive and hard to maintain in Singapore
4) Government pours in money for training
Even the government wants to keep people employed, it pours in money to companies to help them tide over. Giving people new opportunities. When the last 2008 bad economy hit, same thing more training
5). Everyone tells you its bad
Every where you go people lose their jobs or their businesses. Companies are winding up. Companies are leaving. Jobs are going to India (Hyderabad) Why not create additional jobs here?