Did Singaporean Feel The Pain in This Global Recession?

Good day to all readers of dk.sg! As you know that DK is currently “on leave” to serve his country, he has “employed” me to blog on his behalf during his absence…for free of course.

My name is Neo and I blog at thenewdimension.com.My area of interest is in Technology and venture capital (alright, it sounds boring). More often, I write articles on latest gadgets in town and tech-related stuffs. I usually don’t blog about society and public issues as they are very much controversial in nature. By agreeing to write on blog.dk.sg is a challenge. As you might have known, DK had been nominated as “most insightful blog”. As a guest blog, I have to put up this disclaimer up front. If my blog entry is not as insightful as DK’s, at least I have set up some expectation here. :)

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I always have the impression that Singapore is suffering from the worst recession in the past 60 years. However, my sentiment changed until recently when I witnessed the super long queue outside the Showroom at Tanah Merah – Optima and it is not surprising that the property was completely sold out in 3 days! Optima is only one of the many examples. The question is “are we heading for recovery?’

If we are, how come our unemployment rate keeps rising Q-on-Q? I am sure you find the scene shown in the picture below very familiar. People are still looking for jobs! Ironic, isn’t it? On one hand, people are buying home (even to an extent of paying at a high price) and on the other, people are queuing for jobs (government jobs is in the radar of the young job seekers.).

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I can’t seem to make the comparison of both. As an economics graduate, such phenomenon can only mean that the rich in Singapore does not seem to be affected that much during this crisis.(otherwise, how are they able to push up the price of the property?)

I am not so worry about the low-income group. It is just a matter of the salary. As a low-income Singaporean, will you be willing to get the same low salary as the foreign workers?  I am glad that Singapore government is handling this crisis well (at least they are hiring to keep the unemployment rate low). If you are looking at the list of exhibitors in the Career and Learning Fair 2009, almost all of them are government bodies.

Good time is coming soon? If US, the largest consumer in the world, is undergoing a long period of recovery, what make you think that Singapore, a trade-dependant economy, is recovering any sooner? Stock and property market are doing well but only the rich benefit from there. Luckily, we have a very caring government who continue to spend on projects such as upgrading of HDB’s elevators to keep workers employed. Even residents who stay in Hougang and Potong Pasir which are run by opposition parties got lift upgrading too! Recently, I heard from a friend that she is busy attending training to be a helper in the next General Election.

By the way, I am a happy Singaporean. Hope you enjoy my blog post.

5 Responses to 'Did Singaporean Feel The Pain in This Global Recession?'

  1. DK says:

    Actually, I got this feeling that many of them are buying the condo for investment. Might not be a good idea.
    .-= DK´s last blog ..Did Singaporean Feel The Pain in This Global Recession? =-.

  2. Neo says:

    DK: ya lah….usually those who can borrow money and buy are the rich. The credit facility is always available for them.
    .-= Neo´s last blog ..Western Digital introduces the new WD TV Mini Media Player =-.

  3. tianhong says:

    haha. that’s for sure. property and banking is the first few sectors that lead the economy out. But, I do agree that the price doesn’t reflect the current economic scenario.

    However, think about it, if you wait for all the stars to align before you buy, the prices will most probably hit back to 2007 level that’s for sure. So it’s a risk/reward factor in play. For me, market will tell the story :)

    thanks neo for this article.

  4. Harold says:

    i think that the Economic Recession would soon be over in the following years. there are lots of positive indicators in the world economy.

  5. Economic recession created huge unemployment rates around the world. I think the world economy is already on the road to recovery.

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