Cabbies to face stern test head
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ELLINGTON, NEW ZEALAND: Prime Minister Lee Hsien Loong says Singapore should brace for slower growth ahead, even as a technical recession may be avoided for now.
Speaking at the end of his official visit to New Zealand on Tuesday, Mr Lee told reporters that the GDP numbers for the second quarter of this year "may look a little better than the first estimates".
"So you might technically avoid a technical recession," he said.
Singapore's economy shrank 0.7 per cent in the April-June quarter from the first quarter, based on advance estimates from the Ministry of Trade and Industry (MTI). And, economists expect the government to report another decline in GDP for the July-September quarter, pushing the country into a recession.
But Mr Lee indicated that the final Q2 numbers may be revised upwards, and if they turn out to be positive, a technical recession will not happen in the third quarter.
Advance estimates for the third quarter will be released by MTI on Friday.
However Mr Lee added a technical recession later may be unavoidable with the prospect of slower growth.
Mr Lee warned that slow growth also means that Singapore will not have a lot of margin for error. Hence, the need to keep the economy strong.
"When you are going for slower growth, and we are expecting slower growth, then the chances of you dipping below zero from time to time will be much greater," said Mr Lee.
He went on to say: "If you are going to make five, six per cent (growth), when you slow down, you slow down to three per cent, it's okay. If you're going to make one, two per cent (growth), (when) you slow down, you slow down to zero or minus one, and I think psychologically that is a big difference.
"I think that's another reason why we must keep our economy strong, because there's a very big impact on the mood of the people on the confidence of the population and of investors when they see an economy which is able to continue to make progress steadily."
On calls by some Singaporeans for the country to focus less on material aspirations, Mr Lee said Singapore needs to find the right balance between growth, social considerations and quality of life.
He said there also needs to be dynamism and buzz so that there will be opportunities for Singaporeans.
One key challenge, Mr Lee said, is to raise productivity to ensure a steady rate of growth.
"I think we have to work very hard in upgrading productivity, because that's the key for the long term," he said.
"In the short term, we can't just shut off the workers we need because if you did, the companies will not be able to cope and that's not going to do any good to productivity either.
"So, you have to find the right balance to bring in the numbers that you need, subject to right controls and in a sustainable way, and at the same time put a lot of emphasis on companies upgrading themselves."
Mr Lee added: "I think in Singapore many of the companies are finding it difficult finding the workers that they need. They can see the business opportunities there, they want to take the contracts and the orders, they want to start up the new outlets, they can't find the workers.
"So, does that mean that productivity will go up automatically? No. But it means that there's pressure on them to make the most of workers that they have and to train the workers with the help from all the government schemes, so that productivity will go up.
"There is no magic solution! You can't just turn on the tap and the hot water comes out. You have to work hard at it. There'll be ups and downs and there'll be rough spots, and we are going to get used to not so fast growth as before, but we have to work to achieve that, because you can't just lie back and say, 'I'm working too hard, I have to slow down'.
"We have to maintain the balance but we have to make the effort."
Mr Lee is in New Zealand from 6-9 October for an official visit. Earlier Tuesday, he visited the Republic of Singapore Navy's (RSN) Formidable-class frigate RSS Stalwart in Wellington.
During the ship visit hosted by Chief of Navy Rear-Admiral Ng Chee Peng, Mr Lee was accompanied by New Zealand's Minister of Defence Dr Jonathan Coleman and other senior officials from the two countries.
Personnel from the New Zealand Defence Force and Singaporeans living in Wellington were also present.
The delegates were brought on a tour of the ship and briefed on the frigate's capabilities. Mr Lee and Dr Coleman also interacted with the crew of RSS Stalwart.
RSS Stalwart is making a port call at Queen's Wharf in Wellington before its participation in Exercise Lion Zeal with the Royal New Zealand Navy (RNZN) in Auckland.
The RSN and RNZN interact regularly through professional exchanges and visits, cross-attendance of professional courses and multilateral exercises under the ambit of the Five Power Defence Arrangements and the Western Pacific Naval Symposium.
Prime Minister Lee has since left New Zealand for Melbourne for the start of his official visit to Australia. -
Believe me , tough months ahead .
Spent less , work harder .... keep cash safely in the bank , in case of rainy days .
When the PM sounded things like that , they know all .
Their Economic Advisers knew everything .....
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Service sectors like us , always first to be hit .
Brace yourself for more turbulence ahead .
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I believe last 10 days , not every cabbies did well .
More taxis has been seen Qing at any single spot inside CBD .
Even places like outside of CBD also tends to be more quiet than before .
My regular Fish Soup Store also seen less frequent customers patronised them .
They asked me : " How , hang cheng ho bo ? Bo lang leh , jio lang lai jiak Fish Soup ."
As in less people eating fish soup from them .
Not only myself felt the slow down , many people on board my cab also felt likewise .
Banking people , investment people , assets management people etc ...
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My feeling was between 3 Prime Ministers ......
This PM Lee Hsien Long more optimistic than the previous one .
Although he knew economy are less robust than before .
Still i will be armoured myself for some rough rides ahead .
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In August , picked a foreigner , working in a foreign bank , in Sgp for a banking convention , remember in Raffles Hotel ?
On the way to the hotel he stayed , we spoke .
He asked me how i felt about Singapore's economy ?
I said a bit slow .
He said yah , everywhere is slow , not only Sgp .
Before he alighted my cab , he mentioned to me in 18 months , the world will come into a Economy Financial Crisis , in a Tsunami form , sweep across the world !
Reccession due to Europe's Crisis .
Well , he made it really simple for me . No people wanna lent money to Europe !
Cos they are there for that specific reason .
The rest i just need to follow up myself .
And he did added , Singapore will not be spared , but he said we will survived due to the small economy we had .
Small for them , big for us though .
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Your are right. Last 10 days income drop 5 to 10 percent.
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Time for those who cannot make it to throw keys :)
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I agree... Last 2 days i drive day shift was struggling to hit target... Somemore hot weather... Set aircon full blast! Number 4 max!
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For this, no need that LHL or what advisor to tell you, govt alway play a double blade game.
All kinds of news are negative now, spain just get downgraded, demand slow down in china, europe and the us, but not to worry, recession is also a time for people to travel, you will expect more people coming and going out of singapore.
Another good thing is singapore financial centre is the swiss of Asia, during recession, alots of rich will settle their money here and will either live or visit here often with family, that is one niche we have over others. So if you are in stocks, sell and go into bonds, this 2 use to work opposite of one another but not james bond ok.
If you got a job, stick to it and be discipline with it, the funny part is workers are in demand, but the pays is still damn pathetic, workers should therefore ask for higher paid since in demand. It is a worker market now.
For me, business no change, cos I drive partime casket and partime taxis, can balance both, when economy goes now, casket business dunno why goes up, many get heartattack or self destruct themselves, economy me up, taxis business booming, that is what I use to say, be flexible and learn a new set of earning skill if you can.
The true of a productive life is the ability to learn, unlearn, and relearn
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Ok la... Civil servants just received their pay. Especially ns bois.. This sat night driving hopefully not too bad..
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being hearing this kind of thing for years!it is quite subjective,so take it as a pinch of salt!life still goes on!unless ur no more in this world!
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Bo mang zai then zai chair loh....Lol
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Originally posted by hammerhammer8888:
Bo mang zai then zai chair loh....Lol
bo nang zai then follow bowah go hosipital zai sure have one.
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Originally posted by Poolman:
I believe last 10 days , not every cabbies did well .
More taxis has been seen Qing at any single spot inside CBD .
Even places like outside of CBD also tends to be more quiet than before .
My regular Fish Soup Store also seen less frequent customers patronised them .
They asked me : " How , hang cheng ho bo ? Bo lang leh , jio lang lai jiak Fish Soup ."
As in less people eating fish soup from them .
Not only myself felt the slow down , many people on board my cab also felt likewise .
Banking people , investment people , assets management people etc ...
after 1 am the Q at MBS stretches to the main rd opp Marina Bay Financial Ctr Tower 1,about 80-90 taxi queueing !!!!!!! How long u hv to wait for yr turn ? -
Originally posted by bowah:
For this, no need that LHL or what advisor to tell you, govt alway play a double blade game.
All kinds of news are negative now, spain just get downgraded, demand slow down in china, europe and the us, but not to worry, recession is also a time for people to travel, you will expect more people coming and going out of singapore.
Another good thing is singapore financial centre is the swiss of Asia, during recession, alots of rich will settle their money here and will either live or visit here often with family, that is one niche we have over others. So if you are in stocks, sell and go into bonds, this 2 use to work opposite of one another but not james bond ok.
If you got a job, stick to it and be discipline with it, the funny part is workers are in demand, but the pays is still damn pathetic, workers should therefore ask for higher paid since in demand. It is a worker market now.
For me, business no change, cos I drive partime casket and partime taxis, can balance both, when economy goes now, casket business dunno why goes up, many get heartattack or self destruct themselves, economy me up, taxis business booming, that is what I use to say, be flexible and learn a new set of earning skill if you can.
The true of a productive life is the ability to learn, unlearn, and relearn
wah bro like tat if alot of bodies "xum" ur towkay lar tell him my rates
now 100 points per transfer ai lai mai sua......................
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Originally posted by Bo Call Liao:
Time for those who cannot make it to throw keys :)
Ok, chiew tio liao.............
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Wah just after 5am marina sq..pass by... So many people waiting for cab... got club at marina square is it? Was otw to mbs . Queue v long at mbs even at 5am... More pax then cab...... Got 2 bangla.... Cut mbs queue.... Flag me before i turn in taxi stand... Interview them go where? Choa chu kang st62... Mai tu liao ask them get in ... fare $29.80... Then head back woodlands liao wash cab..