Singapore Economic News

[piggo]

Singapore's Economic Rebound Isn't as Good as it Seems

by Nasreen Seria
June 9, 2017, 5:00 AM GMT+8

Singapore’s economy may be picking up, but consumers aren’t feeling it.

After two years of below-par growth, economists and even the government are becoming more positive on the outlook. While it's not boom time yet, the consensus is that 2017 growth will come in higher than last year’s 2 percent. A large part of that is down to exports: Singapore, like other trade-reliant nations in Asia, is benefiting from a recovery in global growth, which is translating into rising sales of electronic goods.

But good news is masking pain on the ground. Consumer spending -- which makes up a third of the economy -- has contracted for two straight quarters, unemployment is rising, wage growth is slowing and household debt is increasing.

More details in https://www.bloomberg.com/news/articles/...s-it-seems

Asians... 

[karlmarx]

Hahah...

The reality is not as bad as what the bloomberg article suggests, but it also isn't as rosy as what most articles on Straits Times suggest as well.

Most people still are not optimistic about growth and prosperity over the next few years. And this is reflected in the trading volume of our local stock market. It seems to be sputtering again after a good start.

[piggo]

It's really just different agendas... expectation of Asian perpetual roaring economies needs to be tempered. The author should compare Singapore with her own South African economy!

Any growth at all is actually pretty good these days, and 2+% unemployment is like the wet dream of most developed world's politicians. The "sputtering" STI is at 3,200++... doesn't look too bad at all! Haha... This feels like a stereotypical asian parent blaming kids for not scoring 100%...

[karlmarx]

The recent years hasn't been good for Singapore. Slow global growth. Global oil and gas downturn. Strained diplomatic and economic ties with China. Growing competencies of regional countries. Are Singaporeans affected?

While total unemployment is 2.2%, citizen unemployment is at 3.3%, and unemployment of those below the age of 30 grew to 4.6%. Jobless seniors is a known issue, but jobless youths? Companies are really on a cost cutting drive.

http://www.businesstimes.com.sg/governme...f-optimism

But perhaps the worst is not the problems we face from beyond, but within:

http://www.straitstimes.com/singapore/le...1497401117

While businesses will continue to as it is, the longer term implication could be a change in political players/landscape. Perhaps more talents will now be willing to stand under the opposition banner, especially those who have a favourable opinion of LWL and/or LHY. Or perhaps new leaders will emerge from within The Party; members who may not have been as agreeable to LHL.

The shift in political landscape may drive different economic and foreign policies; will there be more or less foreign workers, will there be more or less income support, will there be more or less taxes, etc.

Changes, if any, will take place slowly. But in any case, it is a prudent measure for one to question the assumptions they've made regarding their financial plans/situation, and make necessary alternate arrangements. 'Civil servant iron rice bowl,' 'Singapore property sure go up in the long-term,' 'CPF risk-free interest,' etc. As in investing, you have to create your own margin of safety.

[Duskerdawn]

For those interested in reading the statements from the siblings:-

A full statement is here: https://goo.gl/G71SrX

A summary is here: https://goo.gl/hSaj3K

======

Shall not comment, leave it up to you.

[Behappyalways]

SMRT Senior Vice President testimony on man run over twice by LRT trains is just incredible
http://mothership.sg/2017/08/smrt-senior...ncredible/

[cyclone]

Singapore's Electronics Growth Shows No Signs of Letting Up

By Melissa Cheok  and Myungshin Cho
August 25, 2017, 2:14 PM GMT+8

Singapore’s electronics output surged almost 50 percent in July from a year earlier, underpinning overall manufacturing in the city state and signaling a global trade recovery is holding up.

Industrial production rose 21 percent, the fastest pace in seven months, beating all 17 forecasts in a Bloomberg survey of economists. The electronics cluster, which includes products such as semiconductors, computer inputs and data storage, makes up almost a third of overall manufacturing.

More details in https://www.bloomberg.com/news/articles/...letting-up

[cyclone]

Singapore's August headline inflation at 0.4%, coming in below expectations

by CHAI HUNG YIN
PUBLISHED : MON, SEP 25, 2017 - 1:04 PM

BOTH Singapore's headline and core inflation came in lower than expected in August, based on the latest data by the Department of Statistics.

The all-items consumer price index (CPI) was up 0.4 per cent year on year, moderating from July's 0.6 per cent, reflecting a fall in private road transport inflation, and to a lesser extent, an easing in food and retail inflation. Collectively, they more than offset the smaller decline in the cost of accommodation.

Core inflation, which excludes the costs of accommodation and private road transport, stood at 1.4 per cent in August, easing from 1.6 per cent in the previous month, due to lower food and retail inflation.

More details in http://www.businesstimes.com.sg/governme...pectations

[karlmarx]

This story is about more retailers moving their business into apartments. To make use of their vacant and un-rent-able property, maybe? Separately, I believe that the desire for people to make purchases through physical (as opposed to online) interactions will remain. Perhaps there will be more online transactions of certain goods. But people will still want to go out and spend money to have a good time.

Home shopping network
A new wave of independent retailer offers experiential shopping in residential settings

THE DAY HASN'T COME YET where you step into a store and the resident robot immediately sizes up your taste, size and budget, laying everything out for you without judgment or even expecting to make a sale. It even serves you drinks and is programmed to make approving noises when you try something on.

While there are no robots as yet, a new wave of retailers is heading in the direction of experiential shopping - creating intimate, home-style environments as they try to fill the gap between online shopping and the ubiquitous mall.

"People are buying less and better," notices Ling Wu, who recently set up Le Salon in a Chip Bee apartment to sell her eponymous brand of handbags in a homey setting. "They are more emotionally invested in their purchases, and this provides a platform for me to connect personally with them." The fact that she pays a lower rent for an apartment than a shop in a mall, is another deciding factor.

Whether they're selling handbags, jewellery, home furnishings or even guitars, such retailers are tapping into the millennial-driven pursuit of emotional connections. Such unconventional shopping environments "strengthen the storytelling by leveraging the physical ambience or surrounding to support the story", according to retail marketing expert Lynda Wee.

...

http://www.businesstimes.com.sg/lifestyl...ng-network

[cyclone]

PM Lee expects Singapore economy to grow by nearly 3% this year

Zakir Hussain
October 23, 2017

WASHINGTON - Singapore's economy should grow by close to 3 per cent this year, Prime Minister Lee Hsien Loong said on Sunday (Monday morning Oct 23, Singapore time).

He gave his upbeat assessment of the country's prospects in a short speech to over 200 Singaporeans living in Washington at a reception at Singapore's Embassy to the United States.

It comes as advance estimates from the Ministry of Trade and Industry this month put year-on-year growth for the third quarter of this year at 4.6 per cent.

More details in http://www.straitstimes.com/world/united...-this-year