When the COE of big cars drop to just $200 a week before Chinese New Year, you know that saying times are bad is an understatement. In face-crazy Singapore, a car is the ultimate status symbol but with GDP expected to drop between 3-5% this year; even car-dealers are facing the pinch.
For all the talk about growth in healthcare, education, finance sectors etc; Singapore’s economy is still based on our location as a port. Singapore is still a port city and with a worldwide collapse in demand, Singapore is faring far worse than our neighbors from the credit crunch. Reports state that almost 40% of the container ships worldwide are sitting idle as shipping orders have come to a standstill. That’s very bad news for Singapore.
With these problems, all eyes are on the Singapore budget which will be announced today. Let’s hope they can pull a rabbit out of the hat and justify their high pay.