Today's Straits Times
The PM speaking at the NTUC said to expect low growth of between 1 to 3% only over the next few years due to the worlds economic problems, a maturing economy and less foreign workers coming in.
Where is the demand for all the property coming on the market over the next few years going to come from - no foreigners coming in (small part of the market anyway) and growth being small with pay rises being low - not looking good guys is it?
The editorial was also good about maids - that they will not always be available with other countries paying more and domestic economic growth in their home countries means less supply of workers overseas. Telling Singaporeans to prepare for changes in working practices and build networks of creches.
Sit back and watch the fun on this one!
That is around 3-5 times more growth than the UK (which is one of the best European economies now). Most of Europe would probably be contracting over the new few years, don't even talk about growth. In fact, many Western European nations are trying to escape bankruptcy and would be lucky if they do not default on their debts over the next few years, so don't even talk about contracting.
And that is about the same amount of growth that the USA is expected to experience. Bear in mind the USA's 'growth' is actually their government pumping in hundreds of billions of their own money to stimulate the economy. Not really 'growth', just more currency inflation and less purchasing power for their own citizens. But it does give Americans jobs though.
Singapore's 1-3% growth forecast after growing 15% last year is pretty good news. That is still 2-6% growth for the next few years if you ignore last year's freak performance.
I am assuming you know something about basic economics, which of course, is a very big assumption.
