Is The Singapore Economy Really Growing?

Incredible to read that the last stage of the Circle Line is going to cost 5 times more to construct per km than the first 5 stages! It is difficult to fathom that the passage of time alone can bring about such a drastic increase in the cost!

But this brings us to a serious topic.

The PAP is boasting that GDP is growing and the economy is doing well. Really? Without these expensive infrastructure spending, without the continued growth of the population towards the mad figure of 10 million, and without any serious restraint on rising prices leading to the unbearable increase in cost of living for most Singaporeans, how much of it is “real” growth based on productivity growth? Singapore’s productivity growth has hovered at zero or near zero for a decade now. For most people, GDP has no meaning because their lives just get harder every day.

And where have the good jobs gone? Our graduates are finding it more and more difficult to find stable employment when they finish their studies. Our educated PMETs are getting laid off by the droves and many don’t find their way back into the labour market.

And where are the statistics and projections to justify the building of Terminal 5?Surely the PAP government must be more transparent and accountable to the Singapore people. We don’t want to keep building the most expensive underground tunnels in the world like what we did with the MCE!

 

Lim Tean

 

 

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28 Responses to “Is The Singapore Economy Really Growing?”

  • I TOLD YOU 10MILLION IS COMING:

    uys i told so many people dont belive i give up as a singaporean i think migrate is the way out

    Singaporean no job no freedom now foreginers going to be everywhere even below ur void deck u can’t sleep in peace no house no money no wife no gf no cpf molest and rape case going to be high thanks to bangala even they coming in ceca is not the only threat we got 30 over+ nationality in singapore no job no cars some parents even commit suicide or overwork i hate singaporeans for voting pap and lee con you liar now our freedom and personal life they taking away no everything also dont have 10 million is coming cant even destress by then.keep increasing till we die then elite enjoy

    I name all the bad points as one of the worst national thanks to lee con you

    Now think twice let me list for you

    1.Jobless
    2.single no wife no money to even date
    3.living with parents no choice no money
    4.no money to buy cars & house
    5.rapist robbery murderer druggers protester
    6. Law dont protect you no citizen life police against us
    7. Govt pap stealing from us citizen
    8.no more freedom they can access to your personal life and info track u
    9.obey them worst than a communist lee con you family
    10.they steal your organ when you half dead to sell to rich
    11.you live in fear without any protection
    12.you lost your freedom as foreginers will be everywhere even at your hdb void deck when you sleeping at night or at street
    13.they protect elite and give them benefit
    14.no cpf will be return till you died even at 100+ year old if u can stay alive
    15.malaysia will destory singapore
    16.depression/stress
    17.wife leave you no money got debt
    18.you dont know what are you working for no purposes in life no future slaving for govt
    19.hospital full due to sickness outbreak too many population
    20.ft/foreginers got money can steal your girls
    21.you feel angry but helpless even want to kill the govt with ur hands i dont even want to be here at this stage i imagine having this fears since 2007 the influx came in lee con you lie to us since 1959
    He cheated all of us even lim ching siong helping us then came ong teng cheong but he is now gone jbj and his son now tan cheng bock and his team pls vote for him get rid of the traitors of singapore if not singapore is long gone bye bye end of singapore

    You know who the basturd muar malaysian that propose this 10million he is ex malaysia liu thar ker

    I have end my story still got more to said i cant rest forever since theres more to come i didnt type doesnt mean dont have

    Continue Part

    i think we going to be the worst country ever once one belt one road started singapore is shit thanks to lee con yew everyday telling us things that never came true i dont believe we are getting better but now still people…

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  • oxygen:

    IF WE FACTOR IN THE PACE OF POPULATION INFLUX AND THE PRODUCTIVITY GAIN FROM TECHNOLOGICAL ADVANCEMENT, and compared to our nominal GDP growth statistics, the ONLY LOGICAL CONCLUSION I can derive is LEE-jiapore walks backward in the last 15 years.

    The grind of hard-slogging for GDP number of FAKE GROWTH can only gets harder every step forward (backward rather) from here.

    IT IS AS CLEAR AS SUNSET.

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  • never voted pap:

    since GE2015 the more harm pap does to 70% sheep the better.

    more 70% sheep sitting at home shaking legs? very good.

    more 70% sheep taking 30 year loan for HDB rental unit? very good.

    more 70% sheep children local Us jobless? very good.

    until 70% sheep wakes up, there is really no point in many things. after all, when election results are announced and pap gets another 5 years, only misery. since GE2015, anything that can up already up.

    and pap has said, if pap wins GE2019, GST up.

    just hope 70% sheep suffers until the point of revolt. we believe not many of 70% sheep is of the monied kind and so the pain threshold cannot be high.

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  • RDB:

    What’s MCE in the article/ urge again that uncommon abbreviations is best spelt out till such time it is commonly known.

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  • Another PAP's bashing:

    Happy for the 70% supporters. Yes foreigners are every where. Oh I just had a quarrel with a young Malaysian chinese guy at Sl square, CH 2 shop. He was rude and behaved like a ganster. The chinese in charge came and also behaved like a gangster without any manners. I am not sure whether he’s a local or Malaysian. Never go to that shop located near the escalator 4th level. Made a formal complaint with the management. Luckily didn’t buy anything from the shop. The whole country is in a mess with PAP. I had already made my exit donkey yrs ago. With 10m wish 70% will lively happily with them. I am thrilled.

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  • Bread for lives:

    How come no bread for lives walk today? You need to be seen to be active and serious. It matters.

    LT, you can go in dig the account. But please tell the people you will dig into the account and hold anyone accountable for abuse of People Trusts, abuse of power, negligent while in duty etc… That’s what the Milosia did to win BN.

    We need to know you will take re.vent for us leh!

    Otherwise don’t know the account north connect to south, jigsaw puzzle… and next time cannot even say about it… KNN

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  • Human Pyramid 99% fools:

    The Right question to ask is which GDP in the world has ever been audited by international bodies like world bank?

    So what info is world bank basing on ?

    Its just like each country can practise
    it version of democracy. Even north Korea says its a democracy. The Democratic republic of north korea.

    THESE ARE UNTOUCHABLE DATA BY EXTERNAL PARTIES..

    IF YOU BELIEVE ITS TRUE ITS TRUE TO YOU.

    MEDIA IS VERY IMpORTANT AND USUALLY STATE CONTROLLEED.

    Media makes you bel

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  • LIONS:

    Seriously,cant see how economy has been growing when RETAIL has been looking bad except for some aspects of F&B?

    Retail spending is basic in measuring REAL CONSUMPTION ex HOUSING(HDB) N ENERGY(utilities),both being GOVT MONOPOLIES to some extent?

    When CORE CITIZENRY faces JOBLESSNESS(UNEMPLOYMENT N UNDER-employment),REAL INCOME CAN TURN NEGATIVE in the form if DIS-savings.
    This gradually decreases PROPENSITY TO CONSUME.

    MINUS THE INFAMOUS ROAD-WORKS where DIGGING N RE-DIGGING CONtinues NON-STOP,growth seems questionable?

    In bad times,we see MORE ROAD-DIGGING as if PROSPERITY ABOUNDS?

    THE GAHmen/$cholars seem to have ZERO IDEA how to grow the economy except *DIGGING MORE HOLE$*,literally n figuratively.

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  • oxygen:

    WATCHING OIL CLOSELY NOW – rising oil is bad for stock market and economy – the last two, if turned sour, will hit asset values from stocks to property if rising inflation forced Fed to raise interest rate.

    If property bubble deflates, consumer spending will slow leaving negative impact on spending slowing singapore economy even further.

    Singapore Q1 GDP growth hits decade low

    Clouds on horizon prompt economists to ask: Is the worst yet to come?

    https://www.businesstimes.com.sg/government-economy/singapore-q1-gdp-growth-hits-decade-low

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  • NotMyProblem:

    @Lim Tean; only a Minister is allowed to tell you if it is fake or not!

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  • More Trouble Coming:

    Malaysia has finally agreed to work with China in building the East Coast Rail Line project. If you look at the map provided properly. the railway will start at Kuantan and cut across from East Coast of Malaysia to the West Coast of Malaysia terminating at Port Klang. What does it mean ?

    The railway will be used to carry containers and cargo from Port Klang to the Port at Kuantan which they are building. The containers and cargo will be loaded onto the ships to be sent to China, Japan. Taiwan and the two Koreas.

    For inland countries like Vietnam, Laos and Cambodia they will use the railway to convey the containers and cargo which China has build from China to Thailand and Malaysia to these inland countries.

    If you examine the map more closely, there is highway which they are building from Port Klang to Kuantan. Most probably it is a backup route using lorries to carry these containers to the port at Kuantan.

    What does it mean for Singapore PSA ? We will lose the major part of the business.

    So if Vivian still want to be arrogant and yaya papaya with Dr M, this is what they will do to us. Penny wise pound foolish.

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  • Asd:

    Growth via tax

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  • More Pain Needed:

    During recent by election, votes for Dr Chee only went up to 40%, on the backdrop of many known issues, including the then 7million population “planning parameter”.
    It is very clear that PAP lied, yet again, this time about intention of overcrowding the island with cheap foreign workers, to take a short cut to spur economic growth.

    PAP is a party that manipulates, cheats, hoodwinks and lies to the citizens.
    Any dimwit should know by now.
    How many more educated dafts have awaken since that by election?
    Will the pain be enough to cause a regime change?
    How much more of such GDP growth cheating will satisfy the ministars, given that their obscenely massive bonuses are tied to this figure?

    Very soon many of the altruistic and concerning critics and websites will be silenced with devilish new enacted PAP laws,will dafts make change in time before the country makes a further nosedive in living standard?

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  • You Die Your Own Business:

    Increased in economic growth figure is very closely linked to population growth.
    This is a very simple option to fake growth, cheating the growth number, through overcrowding and increase in consumption spending.
    Just like building more casinos, these are very easy policy options to get rich quickly. What about the costs to society?
    It is very obvious that expediency had taken over proper planning.

    The effectiveness of such quick fix is however diminished with transitory workers since most of the funds will be saved and repatriated as these workers leave. For the rest, saddled with very high cost of living, few will remain rooted here and the place will be only a stepping stone.
    It is very clear that such policy is not sound and planned with long term well being of the country in mind.

    Many of these natural aristocrats should be looking forward to their retirement very soon and in earnest to get rich quickly, passing the problems to future lemmings or new government.

    You die your own business, while I get even richer quickly before taking the boot, is the only message derived with actions of current PAP government.

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  • I Question GDP:

    I am Questioning the GDP. Do not mistaken. I am not questioning Singapore GDP but GDP in general around the world.

    Finance trained people never seem to question this although they supposed to.
    Jia Sai? Jia Liao Bee?
    Have knowledge on finance but No Wisdom?

    GDP : who audited it?
    China : two provinces ever were found to have faked the GDP. So, how can an independent entity audit it? If the ruler wants to fake it, who can stop it? Who will know ? Who has all the aggregated data ? If not how can anyone be certain that GDP is perfectly honest and accurate? How to know if it’s bumped up by 0.1% or 0.5%? A difference of 0.1% can mean a TECHNICAL RECESSION or not. This affects Votes and foreign direct investments. This affects the ruler’s reign.

    World Bank, WTO : How do these ding dings know about the world’s GDP when they cannot audit a country’s entire data that forms the GDP?
    They can guess and estimate but can they really know exactly?

    I think a GDP can be faked. I think only Singapore never faked it’s GDP. Why? Am I being self preeservative? Nope. I am being politically correct. Politicians are honest.

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  • Simple Lah !:

    Just make sure there are none “PAP” Minister or that “PAP” Ministers must require the support of none “PAP” MPs to do things.

    Alamak ! so easy. Just vote correctly one time, problem solved !

    The PAP is boasting that GDP is growing and the economy is doing well. Really? Without these expensive infrastructure spending, without the continued growth of the population towards the mad figure of 10 million, and without any serious restraint on rising prices leading to the unbearable increase in cost of living for most Singaporeans, how much of it is “real” growth based on productivity growth?

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  • HDB flat worth zero at 99:

    There is really no real value (no economic benefit) in selling an over-priced property to each other. Billion and billions of retirement money are put into over-priced, depreciating (masked by an unsustainable property bubble) HDB flats. A fundamental error made by PAP. There is no free lunch.

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  • oxygen:

    LEE-jiapore ROTTEN FIRST QTRLY GDP must be the harbinger of worst to come.

    Singapore Q1 GDP growth hits decade low

    Clouds on horizon prompt economists to ask: Is the worst yet to come?

    https://www.businesstimes.com.sg/government-economy/singapore-q1-gdp-growth-hits-decade-low

    WHEN THE FAKE NEWS LAW COMES INTO EFFECT, which banker/economists dare to raise alarm bell?

    YOU BE ARRESTED AND CALL TO ACCOUNT OF PROVING THIS CLAIMED “FACT” OF ECONOMIC RISKS DOWNSIDE allegedly causing “PUBLIC ALARM” (which is justified of fact, reality and informed awareness instead.

    Only daredevil PEASANT AH SENGs with no economic education amongst the rowdy cawked social media barks reality.

    And I am cawked sure that they are substantially right.

    Here are the sobering facts – look no further than Australia. Read this -

    WORLD ECONOMY

    Australia has gone 27 years without a recession—here’s what’s behind the country’s economic run

    https://www.cnbc.com/2019/02/08/australia-has-gone-27-years-without-a-recession.html

    And is has turned into vapor. Australian bond yields at fresh record low.

    https://www.afr.com/markets/market-data/bonds/australian-bond-yields-at-fresh-record-low-20190328-p518kd

    SUCH RESILIENT SEEMINGLY IMPREGNABLE (FORTRESS AUSTRALIA) ECONOMY HAS VAPORIZED, shouldn’t that rings the alarm clock to wake us up?

    And this

    One by One, Global Bond Markets Are Flashing the Same Warning

    https://www.bloomberg.com/news/articles/2019-03-24/aussie-10-year-bond-yield-drops-below-1-8-to-new-record-low

    RECORD LOW INTEREST RATE AND AUSTRALIAN PROPERTY MARKET TUMBLING LIKE WATERFALL – something don’t adds up, right???

    Sydney/Mlebourne prices have fallen by 10 to 12% in 2018. And economists are forecasting this.

    “A Sun-Herald and Sunday Age panel of eight economists predicts more falls – an 8.7 per cent decline this year in Sydney and a 9.7 per cent drop in Melbourne.

    One of the bleakest forecasts comes from LF Economics, which believes Sydney prices could fall by 15 per cent this year alone, while in Melbourne the damage could be 20 per cent. That’s on top of the nominal 15 per cent drop in Sydney and the 12 per cent decline in Melbourne since those markets turned in 2017.”

    https://www.smh.com.au/politics/federal/the-end-of-the-property-boom-is-the-worst-still-to-come-20190313-p513u4.html

    UBS forecast up to 30% fall in price in deep recession.

    https://www.smh.com.au/business/the-economy/house-prices-could-drop-30-per-cent-in-deep-recession-scenario-ubs-20181113-p50frk.html

    TOO MUCH DEBT,GLOBALLY AND WE ARE ALL SINKING.

    AND YOU STILL FIND IDIOTS UNLIMITED CROWDING IN SINKIELAND PRIVATE CONDO SHOWFLAT looking around for bargains?

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  • oxygen:

    JUST IMAGINE PEASANT AH SENG RINGS the alarm bell in the social media – that is economy is shaky, Singapore property prices can tumble by 30% in LEE-jiapore with STAGGERING FLOW ON ENDURING IMPACT ON OUR ECONOMY, how would PAPpypolitics reacts?

    A 30% fall in LEE-jiapore is NOT out of range if OZ properties tumbled by the same percentage in a global recession. Remember this fact – the property bubble in Singapore is a lot worst than Australia. Singapore private property market is the second most expensive in the world.

    Singapore Still World’s 2nd Most Expensive Housing Market

    https://www.propertyguru.com.sg/property-management-news/2019/4/179440/singapore-still-worlds-2nd-most-expensive-housing-market

    THE HIGHER YOU CLIMB OF A FAKE BUBBLE, THE HARDER YOU FALL.

    oxygen: WHEN THE FAKE NEWS LAW COMES INTO EFFECT, which banker/economists dare to raise alarm bell?

    YOU BE ARRESTED AND CALL TO ACCOUNT OF PROVING THIS CLAIMED “FACT” OF ECONOMIC RISKS DOWNSIDE allegedly causing “PUBLIC ALARM” (which is justified of fact, reality and informed awareness instead.

    Only daredevil PEASANT AH SENGs with no economic education amongst the rowdy cawked social media barks reality.

    And I am cawked sure that they are substantially right.

    A 30% fall in LEE-jiapore property market will severely damage our economy. Debt-riddled household balance sheet will incinerate, maybe record bankruptcy, small businesses collapse like flies as households no longer can afford to spend like before. Retrenchments escalates. In good times now, IBM, and BHP retrenches already. Desperate retirees can’t monetize their HDB even at rock bottom discounts. CONDOS UNSELLABLE AND DEVELOPERS BELLY UP.

    NIGHTMARE.

    You, arrested, explain this to the poodle in blue (mata mata) on economics, they understand you?

    You explain this to AG? He/she talks law, not economics because you create public alarm forbidden PAPpy’s anti-fake news law which he/she assert is NOT FACT but misleading fear mongering.

    You explain this to Minister whoever decides you published fake news, WILL HE OR SHE CONFESS THAT YOU ARE RIGHT?

    WHICH COMES FIRST? HIS OR HER OWN POLITICAL LONGEVITY OR SURVIVAL or your truth of economic publishing??

    WHEN PAPpypolitics runs out of fake news totally exposed like Operation Coldstore,Marxist conspiracy, CPF, HDB, asset enhancement scam , they will apply fake news law weapon on the social media of truth-telling.

    THE COUNTRY ROTS OF FAILED POLICY PILLARS TO EXTINCTION.

    EVEN ACADEMICS – APOLITICAL – ARE ALARMED.

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  • oxygen:

    REMEMBER THESE HAPPENINGS on macroeconomic publishing EVEN IN PRIVATE EMAILS and how LOOMING fake news law (THEN YET UNENACTED INTO STATUTORY LAW IN LEE-jiapore is career ending of consequences.

    Read on.

    Sydney Morning Herald : ANDY Xie’s resignation as Morgan Stanley’s chief economist in Asia last week followed an email in which he characterised Singapore as an economic failure that was dependent on illicit money from Indonesia and China.

    Dr Xie, who worked at Morgan Stanley for nine years, sent the email to his colleagues after attending the International Monetary Fund and World Bank annual meetings last month in Singapore.

    He questioned why Singapore was chosen to host the conference and said delegates “were competing with each other to praise Singapore as the success story of globalisation”.

    https://www.smh.com.au/business/singapore-pundit-in-hot-water-over-email-20061006-gdojcl.html

    This is NO SURPRISE. A analyst/fund manager working for the US investment bank published about the state of Singapore economy in the early 1980s in some lesser than absolute flattering language was hauled in for a police interview. He left within 24 hours. Financial market was rife with speculation that his work visa was instantly cancelled.

    Andy Xie did NOT publicly published his private thought, JUST CIRCULATING HIS INNER THOUGHTS IN PRIVATE EMAIL EXCHANGE TO HIS FRIEND which was stupidly re-circulated without his consent and fallen into sensitive eyes.

    NO WONDER THIS

    oxygen: EVEN ACADEMICS – APOLITICAL – ARE ALARMED.

    Emails and private messages in Facebook in LEE-jiapore are DANGEROUS to career and personal well-being.

    Fake news law is protecting who??? The economy or politics?

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  • Sri Nair:

    So who is making money from these projects????

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  • Everything is Fake:

    Economy growth is fake. Gov pump huge amount of money into construction, upgrading(HDB, road, civil service IT infras, GLC shopping malls and commercial buildings, etc. ) which obviously not driven by demand. Look at recent series of anouncements IR 9billion expansion when business is stagnate; airport T5 the biggest ever terminal;1.7b just completed most expensive shopping mall on earth jewel, just to name a few. All these are desperate efforts to keep economy growth.
    alive

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  • Everything is Fake:

    Huge number of professional workers from 3rd world are fake talents with fake CV. They make our country look 3rd world now only the glamorous buildings and surroundings keep Singapore look like 1st world.

    Worst of them are they are driving down our economy productivity and quality, bringing up crimes such as molests and even rapes. Those million dollars upgraded parks become useless as sg girls won’t frequent there fear of bump into FWs/FTs.

    How long this can go on?

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  • Everything is Fake:

    Our talented sg workers from recognised universities nowadays find it difficult secure job because high percentage of FT hiring managers simply not keen in Singaporeans but prefer their own kind. Annoying is quite a number of these FTs are from 3rd world with possibly fake CV/exaggerated CV who themselves brought in by their own kind.

    If Mom still not taking firm actions Singaporean and economy quality/competitiveness will suffer – not sure when the time will come.

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  • Everything is Fake:

    For next CECA review, please send a Singaporean Chinese minister firmly tell India government sg has enough of low quality workers its time to stop the nonsense. Let’s go to international court if necessary. Withdraw all investments from India which anyway do not make profits.

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  • I am 64 soon ...:

    I come back home and tell my buddy…
    * Singapore drivers .. not anywhere anytime more polite, more patient, more considerate in parking .. compared to PRC drivers
    * NO PRC people gets worried about their house even though their lease are much shorter than ours
    * PRC Social Insurance .. though not perfect .. but much secure, garanteed, never “change Goal Pole” than CPF
    * Singapore not anyway less poluted than PRC .. rubbish classification, recycling, less use of plastic bags, less use of paper mail, less use of paper advertisement, less form to fill .. than PRC

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  • True facts:

    All bullshit only their million salaries growing. The rest no jobs shaking legs.

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  • You Die Your Own Business:

    The more the people, the higher their bonuses.
    Game the own system they set up to enrich themselves.
    Stupid cows everywhere to milk dry.
    The rest, you die your own business.

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