For years, the Singapore government has touted their unity and their reputation as a solid steady ship guiding Singapore in the waters of a big bad world.
However one of the victims of the financial crisis seems to be this unity. Specifically, I am talking about Singapore’s GDP number. In January 2009, the Ministry of Trade & Industry's forecast was at +1% to -2%. Singapore Prime Minister Lee Hsien Loong then said that the economy could shrink by 8 per cent last week. Then Minister Mentor Lee said that the number could even be -10%.
Now I know that things are moving fast but the Singapore government need to be on the same page here. This is still early March. Surely the estimate number can’t go from +1% to -10% in just…what 60 days?
I find it pretty scary that the Singapore government is looking kind of clueless on this matter and are seemingly not on the same page here. More than just a numbers game, these varying figures are worsening sentiments on the ground.
Projection of a country’s GDP is very important so unless the government figure out a firm number, it’s better for everyone that everyone keeps their mouth shut about it.