Economists predicted it, hawkers talked about it and what's worst is that Singaporeans are now caught in it. Its the first time in 6 years that the country has gone into recession and the stock markets hit freefall mode.
The question now is whether Singapore can weather the storm as the global economy suffers a meltdown. The Great Depression might have found a stronger match this time round as reports show that this global downturn could well be worst than the 1930s turmoil.
Is it really true that what goes up must always come down? We saw the peak in tourists visiting Singapore and now its a huge contrast in figures and what's worst, the casino projects at Marina Bay and Sentosa are still on-going. Will this project our government spearheaded fail given such times of uncertainty?
The government still believes that our financial situation is safe however we have been forewarned of the rough ride that might take one, two or three years to recover but seriously, we don't know for sure if it will recover that quick.
It is now not only United States bailing big financial institutes, its happening everywhere else in the world with governments trying to fund and support local banks protecting it from further plummeting. It is becoming a catastrophe, like an epidemic slowly spreading throughout the world and affecting many lives. People lose jobs, homes and even lives. Perhaps this is the result of globalization where countries depend on one another for trade and investments.
The end is clear. The world is in recession.
1 comment:
whatever goes up must come down. the reverse is, of course, true. we just have to be patient and wait for this to go up again.
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