Sgp enters worst recession in 55 yrs

[Weez911]

41 minutes ago, Freeder said:

After elections, all the bad news coming out....

But never adjust those ministars celery lei.. Really WTF..

Recession is never their fault, but GDP growth is always certainly their credit.

Edited August 11, 2020 by Weez911

[noobcarbuyer]

2 minutes ago, Dafansu said:

Those who buy now will regret greatly 😁

Its all a game of risk. 

It's still too early to tell if they will bitterly regret or huat big.

Those who held onto their property bought in 2007, were laughing to the bank in 2013.

Those who bought in 1996, had to wait until 2012 to 2013 to break even, if they were lucky. Bishan 8 is a famous example.

[Yewheng]

11 minutes ago, noobcarbuyer said:

Even F&B has been affected unevenly. Those F&B outlets based in CBD or Business parks are badly hit. While those F&B based in suburban shopping centers / neighborhood centers are doing a roaring trade with business from WFH folks.

Car sales holding steady. AD asking those who bought during CB promotions to top up COE.

Private property market moving aggressively. Even HDB resale is booming. Those BTO that just MOP-ed, $800k+ for circuit road 4-roomer. $700k+ for Sengkang 5-roomer.

An acquaintance doing freight forwarding is doing so well that her company is hiring aggressively. 

Different mileage for different folk.

But no matter what, we've got to get through this together as a country or else someone else is going to steal our lunch!

I think there some which is lagging behind.. Like real estate.. Seeing real estate pricing still hold steady and yet the unemployment rate keep going down, Singapore enter the worst recession in 55 yrs.. Means we are not at the bottom yet. Coz these that prices still hold steady and have not yet come down will come down eventually. So it is more like a depression then recession already. The road to recovery will be very long one.. Look from march till now August.. We are still going down and a lot of retrenchment will be coming up soon as government help like 75% wage support scheme is gone and etc.. So how can we recover by end of this Yr. In fact by end of this Yr, the figure might continue to go down all the way till next Yr.. Even if vaccine is available by next year.. It does help abit, but in general the economic fundemental is still very weak so recovery will not be so fast.. 

[Wt_know]

12 minutes ago, Ysc3 said:

Today have to announce part one of cost cutting measure for my coy...  Clear annual leave.

Coz the coy previously would buy unconsumed leave from the staff... But this year Coy cannot buy liow... 😩

now then part one ar? walao your company sibei hiong leh ..  

[Wt_know]

3 minutes ago, Yewheng said:

I think there some which is lagging behind.. Like real estate.. Seeing real estate pricing still hold steady and yet the unemployment rate keep going down, Singapore enter the worst recession in 55 yrs.. Means we are not at the bottom yet. Coz these that prices still hold steady and have not yet come down will come down eventually. So it is more like a depression then recession already. The road to recovery will be very long one.. Look from march till now August.. We are still going down and a lot of retrenchment will be coming up soon as government help like 75% wage support scheme is gone and etc.. So how can we recover by end of this Yr. In fact by end of this Yr, the figure might continue to go down all the way till next Yr.. Even if vaccine is available by next year.. It does help abit, but in general the economic fundemental is still very weak so recovery will not be so fast.. 

property is still on viagra la ... not going to be soft soon ... 

[ToyotaShuttle]

54 minutes ago, Beregond said:

ya i know, the gap is alway there. just that this cov 19 make the gap more prominent for all to see.

i remember some years back, there is a thread on average wages of singaporean. the figure given is about 5-6k.

i was really stun, how many ppl is earning below average their whole life

What so surprising?

50% of the people are below average/median.

[ToyotaShuttle]

20 minutes ago, Ysc3 said:

Today have to announce part one of cost cutting measure for my coy...  Clear annual leave.

Coz the coy previously would buy unconsumed leave from the staff... But this year Coy cannot buy liow... 😩

Are you the one in freight logistics? Someone in this thread (or another one?) said that you guys are raking in the big bucks.

[Volvobrick]

3 minutes ago, Wt_know said:

property is still on viagra la ... not going to be soft soon ... 

Viagra will last till Dec when debt moratorium ends. 

[Ysc3]

2 minutes ago, ToyotaShuttle said:

Are you the one in freight logistics? Someone in this thread (or another one?) said that you guys are raking in the big bucks.

Not if you are in 3PL ...we also kenah pressed for our service charges. 

[Ysc3]

9 minutes ago, Wt_know said:

now then part one ar? walao your company sibei hiong leh ..  

Small coy... Try to tong... But buay tong already. 

Part one - clear annual leave. 

Part two - unpaid leave

Part three - no bonus or aws. 

We try not to kill off the staff... But I am sure the staff won't appreciate it. 😂 

[Voodooman]

51 minutes ago, Mockngbrd said:

Recession time all those with $$$ will come out to buy. 

BUT also not everyone has been hit yet becos of Gahmen support and JSS. The next few months will see the real inpact, even I also worried.

Lots of business are not doing well but supported by JSS and rental rebates.  There was a JSS payment in July and the next one is Oct.  The real tsunami is end of this year if all these life support schemes are winded down.

I also worried. 

[Scion]

due to govt's subsidies and JSS, we have not seen a worse unemployment rate.... YET

as compared to 1997/8 Asian Currency Crisis and 2008/9 Global Recession

will see how it goes in the next 3 months

[Porker]

1 hour ago, Freeder said:

After elections, all the bad news coming out....

Blame the naivety of our local folks.

Discerning. Critical thinking. Complacency.

[noobcarbuyer]

20 minutes ago, Yewheng said:

I think there some which is lagging behind.. Like real estate.. Seeing real estate pricing still hold steady and yet the unemployment rate keep going down, Singapore enter the worst recession in 55 yrs.. Means we are not at the bottom yet. Coz these that prices still hold steady and have not yet come down will come down eventually. So it is more like a depression then recession already. The road to recovery will be very long one.. Look from march till now August.. We are still going down and a lot of retrenchment will be coming up soon as government help like 75% wage support scheme is gone and etc.. So how can we recover by end of this Yr. In fact by end of this Yr, the figure might continue to go down all the way till next Yr.. Even if vaccine is available by next year.. It does help abit, but in general the economic fundemental is still very weak so recovery will not be so fast.. 

"Unemployment rate keep going up."

The easiest way for us is to just live with the pandemic, full speed ahead and depend on domestic consumption, manufacturing and international trade / finance to carry the day. 

I mean a lot of the troubles we are suffering are pretty much caused by geo-political tensions rather than the Pandemic itself. The 2020 Russia–Saudi Arabia oil price war. The Sino-USA trade / tech war. Middle East unrest and tensions. USA-first vs the rest of the world.

I had the exact same question as you, which i posed to a friend who's an economist. I am paraphrasing from memory so forgive me if i am not totally accurate.

He told me to just treat this like an economic crisis in the aftermath of a war or natural disaster, as distinct from an economic crisis due to instability within the financial system. During a war or natural disaster, any competent government will spend until the problem is solved (or are overwhelmed). There can only be one way to go during the "re-construction" era. 

It's what comes after the reconstruction 'miracle' decade that worried my economist friend. He said that the debts have to come home to roost.

Edited August 11, 2020 by noobcarbuyer

[Ct3833]

1 hour ago, Mockngbrd said:

If u post this before GE ppl will say you pap fearmongering

PAP or not, this is the time everyone has to work  closely with the government to overcome the long drawn battle.  The full impact is not felt yet, more retrenchment will happen. There might also be more than one wave of covid19, which means business and travel will not go back to BAU so soon. Stay safe and be prepared for the worst to come. 

Edited August 11, 2020 by Ct3833

[13177]

22 minutes ago, noobcarbuyer said:

Even F&B has been affected unevenly. Those F&B outlets based in CBD or Business parks are badly hit. While those F&B based in suburban shopping centers / neighborhood centers are doing a roaring trade with business from WFH folks.

Car sales holding steady. AD asking those who bought during CB promotions to top up COE.

Private property market moving aggressively. Even HDB resale is booming. Those BTO that just MOP-ed, $800k+ for circuit road 4-roomer. $700k+ for Sengkang 5-roomer.

An acquaintance doing freight forwarding is doing so well that her company is hiring aggressively. 

Different mileage for different folk.

But no matter what, we've got to get through this together as a country or else someone else is going to steal our lunch!

Indeed the F&B in CBD are badly hit, many have closed down and even for those big chains of eatery. Dont know when will workers in CBD can go back to office to work?

[noobcarbuyer]

19 minutes ago, Wt_know said:

property is still on viagra la ... not going to be soft soon ... 

If 1 cooling measure = 1 viagra 50 mg. 

Then the 10 cooling measures since 2009 = priapism.

Jia lat. Need to go A&E asap.

[noobcarbuyer]

1 minute ago, 13177 said:

 Indeed the F&B in CBD are badly hit, many have closed down and even for those big chains of eatery. Dont know when will workers in CBD can go back to office to work?

Probably soon. 

Humans in general are very adaptable and have amazing short term memory.