Still a cloudy economic outlook
February 2nd, 2023 | 
Author: 
I read with valid concerns The Straits Times Editorial, “Still a cloudy economic outlook” (Jan 21).
The economic prospects or outlook in 2023 is still shrouded with dark clouds and full of factors of uncertainties.
It is unfortunate to learn that Goldman Sachs will layoff more than 3,000 employees from its investment arm.
Besides, Morgan Stanley has also lately cut 1,600 staff, this is about 2% of its workforce.
Furthermore, HSBC bank has also retrenched at least 200 people.
As reported by the Straits Times in 22 December 2022, Micron Technology, the largest US maker of memory chips, says the worst industry glut in more than a decade will make it difficult for it to return to profitability in 2023. In due course, Micron decided to cut 10% of its global workforce as demand for computer chips slumps.
In view of the above economic uncertainties, foremost, let us look from two broad perspectives to find out problems or potential risks that could directly or indirectly lead to the global economic downturn and potential recession.
A) The chain effects led by the drawbacks of US administration and fiscal policies
As one of the strongest economy in the world, the USA has been overprinting its Greenback in the recent decades has indeed depreciated and softened the value of US Greenback. It has adversely affected the real purchasing power of US citizens. Unavoidably, it has indirectly and negatively affected the global economy too.
In 2021, the National debt of the United States had reached about 1.84 trillion US Dollars. This adverse situation has restrained the economic progress of US. It has also underscored the flaws of US’ fiscal system and its system of governance.
Simultaneously, the chain effects will inadvertently generate adverse impacts upon the global economic progress and developments.
B) Artificial disasters
a) Causes of Climate Change (air pollution – the burning of fossil fuels and deforestation)
The unpredictable changes of world climate due to global warming which has caused frequent catastrophic havocs, damages and destruction. For examples, drought, flooding, forest fire, wildlife have resulted in futile harvest of crops, deaths of humans, live stock and animals (due to hunger and prevalence spread of virus).
These have slowed down or delayed the pace of economic progress and negatively impacted the economy of some countries.
b) The Russia’s war of aggression against Ukraine has in great extent created serious headwinds for global economy, The Organization for Economic Cooperation and Development (OECD) says.
c) COVID-19 has inadvertently forced and dragged China, Japan, Korea and other advanced economies into lockdown for months or years. This has undoubtedly impacted the progress, stability, resilience and vibrancy of global economy.
d) Due to the discharge of radioactive water of the Fukushima Daiichi Nuclear Power Plant have to spend or mobilise enormous financial, material and manpower resources to undertake its clearance, purification processes, containment and prevention instead of channeling integrated efforts into the productive output.
This unfavourable decision or action by Japan will definitely have negative effects on health and the marine environment. In long run, it will hurt local fishing, fisheries and tourism industries.
In conclusion, the international community needs to work hand-in-hand to resolve all the above economic problems, so that to restore economic stability, prosperity and peace for all human beings.
Teo Kueh Liang (Mr)
Posted in 
“In 2021, the National debt of the United States had reached about 1.84 trillion US Dollars.”
This is clearly not right. Damn, it will take a lot of time to fact check the rest.
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Reported on Straits Times :Quote-”Toggle navigation
Parents of 17-month-old with rare genetic condition race to raise $3 million for treatment
Mr Achintha Pilapitiya, and Ms Dulanjali Wakwella and their 16 month old son Shamel who suffers from spinal muscular atrophy. ST PHOTO: DESMOND WEE
Jean Iau
UPDATED 1 FEB 2023, 11:39 PM SGT
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SINGAPORE – When their son started gagging and refusing his food at about eight months old, the first-time parents knew something was amiss.
A month later, baby Shamel was not able to sit up and showed no signs of being able to put weight on his legs.
Soon after, he lost the ability to kick.
Numerous blood tests and a magnetic resonance imaging scan of his brain and spine showed normal results, prompting Shamel’s panel of doctors at the National University Hospital (NUH) to consider genetic testing.
Their diagnosis was grim: Shamel has a rare genetic disorder known as spinal muscular atrophy (SMA), which will cost millions to treat over his lifetime.
Shamel’s case – the third one that The Straits Times has reported in the past year – raises the question of what is the most equitable way for such treatments to be funded, especially as medical professionals say the number of cases is set to increase in the coming years.
Recalling the day she received the news, Shamel’s mother Dulanjali Wakwella, 33, said: “I never thought it was going to make my entire world collapse. (But when I finally got the news,) I did feel like my world was falling apart.”…
Shamel, now 17 months old, is currently tube-fed and requires support to sit up. When left unsupported, his upper body flops to the ground, causing him to wail uncontrollably….
To make matters worse, treatment comes at a hefty cost.
Zolgensma, a one-time gene therapy, is priced at $3 million, and until last November, was known as the world’s most expensive drug….”Unquote.
Response :$3 million dollar to use this drug Zolgensma ?Can you Lee Hsien Loong deduct the entire salary of Ong Ye Kung to help pay for this child ?This type of $3 million dollar drug has happen few times ,are Singsporeans able to afford such $3 million dollar drug healthcare ,if not stop using fund raising to pay for such drug which eventually causes insurance premiums to rise for all of us to pay ! Get the parents to sell their house to pay for their child treatment ! When my father got cancer decades back,I still remember think the NUH evil specialist suggest me to sell my house to pay for my dad $200,000 stem cell treatment ! If I sell my house then,where do all of us live ? So ,it is fair that such expensive drug should be stopped from using !Only nobody buys,then the manufacturer will quickly drop their price down all the way to cheap !Wake up,don’t pamper the manufacturer with trying to show Singaporean rich affordability with public fund raising ! A disgrace $3 million drug also want to pay ! Pui !Stupidity profiteering kills us all!!!
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Long Hospitalisation Leave (LHL)
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We are still suffering from looooong covid.
The Pappies are the covid.
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The US Federal debt now is actually US$31T. See https://www.usdebtclock.org/.
US Total Debt is US$94T. Interest will be going higher soon.
That’s why I expect US to fight Iran, or else Global Investors may abandon US debt.
General Wesley Clarke (Supreme Allied Commander) once said “beginning with Iraq, then Syria, Lebanon, Libya, Somalia, Sudan and finishing off Iran.”
Maybe there was a pause due to 2008 GFC.
Hope Global Investors invest in companies with Singaporean Christian CEOs, in order to avoid financing idolatry.
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The global economic recovery will come in year 2025.
The incumbent party will then jump onto the bandwagon and proclaim that they have ‘done well’ to boost public confidence and secure more votes for the big day (TBA).
Despite the fact that for 2 years running they have made lives even more difficult with GST hikes and pestering the people to take more shots of the experimental vaccine which may cause serious injuries or even an early death.
Uniquely SG.
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Envy and Greed are the impediments to global economic growths going forward.
GlobaLIE$ation was just ONE GLOBAL LIE,period.
The ill-effects of globali$ed GREED needs some undoing in order to foster a new IMPETUS for world economy to recover again.
Who would ,in the right economic rationality,expect $tock markets to ri$e at such $peed and Magnitude in a PANDEMIC ?
BTW,stock marmets still $piralling…
The GREEDY RICH cannot $top the music.
Village PEOPLE were right when they sang,* cant stop the music…nobody can stop the mu$ic,can you?
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A safe haven for PRC billionaires escaping from possible motherland persecution due to unpaid taxes doesn’t appear to have a cloudy outlook at all.
More like a thunderstorm punctuated with bolts of lightning.
“Why China’s ‘crazy’ mega-rich are moving their wealth, and partying, to Singapore” – SCMP, 4 Feb 2023
https://www.scmp.com/news/asia/southeast-asia/article/3209102/why-chinas-crazy-mega-rich-are-moving-their-wealth-and-partying-singapore?module=lead_hero_story&pgtype=homepage
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With stock indices elevated,is the sky cloudy at all?
And,with HDB RENTAL PRICES FOR 4-ROOM AT $6200 PER MONTH here and HDB flats exchanging hands at $1.2million,the $ky above $in City is anything but cloudy except that ,in reality,more and more sgs are facing gloom.
More rich chinese familie$ are relocating here to escape the FORCE OF XJP’S COMMON PROSPERITY as they know they can park their huge fortune$,ill-gotten or clean, without being scrutinised but be helped to be further ENRICHED BY THE PRO-RICH,PRO-ALIEN$ PAP PUBLIC POLICIE$ that impoverish our own more common folks struggling to survive.
Naturally,INFLATION GETS FURTHER INFLATED HHERE.
ARE THE GAHMEN PROUD N ELATED?
$URE,MORE MONEY CAN BE COLLECTED.
WHO CARES IF YOU HAVE TO PAY $1M OR MORE FOR A HDB,WHO CARES IF CYHE PNG OR NASI LEMAK COST MUCH MORE THAN $2?
The fact is life has become tougher for ordinary sgs even as we see more Rolls Rouces and Bentley$ om our roads.
Xo chye tow kueh restaurants will flouri$h too.
Wait,i think i saw KEE CHIU there!
Life is so cu$hy for our $cholar-gahmen…
Meanwhile,you die your business.
*COUNT ON me,$ink-a-poor…*
This is my country,this is my home…
Really?
BUAY JIN CHU ,AH!
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Why you cow father cow mother?
Many rich come to SG is a good news. If China so good why they need to run road?
The fact is SG life gets better with more rich people spending here.
And you think every rich people must be having ill-gotten wealth?
You want to take public transport or bicycle is your choice, you cannot afford fancy cars and you want people to live the same like you?
You not happy then change the gov lah. If not what do you suggest? You oppo can do better?
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So interesting. Tell me more, tell me more, …..
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Singaporeans suffer really hard regardless of good or bad Singapore economy. The news trying to blame suffering to global condition during bad economy and suppress people from talking about their suffering during good economy. The fact is good economy or bad economy, it is the rich and foreigners who benefit most from Singapore economy and Singaporeans suffer really hard. Last year, according to the news, it seems Singapore recover from economy, but how many foreigners come to Singapore and get jobs? MANY. Singaporeans suffer from inflation. Poor Singaporeans would never feel it is a good year because they suffer really hard. This is why PAP votes always go down even it is good economy. The economy is for who? Singaporeans face competition in getting is a fact and all Singaporeans lives ruin because of foreign labor policy.
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@xoxo
Well said.
Singapore for Singaporeans First.
Everywhere,jam-packed.
Hospital bed-crunch.
Bicycles must even share five-footways with pedestrians causing safety and social issues.
And,when these foreigners divest,more financial woes will fall on ordinary sgs.
Only idiots PAP IBs in disguise here talk cock.Let them bark and bark.
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@Steph
Thank you for elaborating on my short notes.
Good to note there are still some good sgs around who truly care for this nation.
Nothing wrong for the COUNTRY TO BE RICH but this must also mean prosperity and real progress for the NATION.
i can only relate in simple terms as i am not too highly educated like our great $cholars or the lapdog$ they sent here to infiltrate honest feedback that are mostly intended for the common good of all sgs.
Take housing and medicare,leber mine the chye tow kuehs or kind of milkpowder we buy n consume daily.
Like i mentioned elsewhere,WHY THE G PUTS SO MUCH RESTRAINT ON PRIVATE HOUSING ESPECIALLY LANDED,WHEN IT COMPRISES BARELY 6 PCT OR SO OF PROPERTIES here while,at the same time ,allows HDBs to be sold at record-breaking prices of $1M,then $1.2M without excercising better,more meaningful CONTROL$?
WHY ALLOW *HOT MONEY* from out$iders to syir PUBLIC HOUSING to such extent; even rentals leaping to $6200 per month?
DeMAND/SUPPLY equilibrium?
So,NO INVISIBLE HANDS NEEDED?
FREE MARKET?
So,are the Gahmen respinsibly carrying out their jobs?
Cant the G swiftly put a CAP to such irrational exuberances like they way the G raided our sgs’ RESERVES to offer generou$ furlough even to NON-sgs?
So,its a matter of the mind$et.
What is important and needs closer scrutiny n regulatory initiatives,the G takes it lightly but on less important matters,the G acts with full force and speed?
We respect the authority we give to our gahmen via our votes but we do expect the G to act respinsibly and take care of our interests.
As for those who claim,* I love Sg*,i hope they mean it.
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If Singaporean really suffer that much, then why PAP still wins in every elections hands down?
Want to bet? Next GE oppo still cannot win more than 35% parliament seats.
Only can cow father cow mother but no solution, cannot make situation better.
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Typical Singaporean. Cow father mother today.
Why not ask yourself who you voted 30, 40, 50 years ago?
When you had your first HDB, were you with all praises?
For the nation this and for the nation that, ain’t this precisely for the NATION? Why can’t you sacrifice your little luxury, pay more for HDB and help build the NATION!!
You think education is free? You think housing must be cheap so that you don’t need to work hard? You think medical care is free?
Everything need money. We also need to pay top dollar to have talents to build this NATION. Will you go employ a bus driver to run the country? Know your places and your roles in the society! If you cannot make it, stop asking others to slow down for you to catch up!
Common good? What is common good? You bought HDB for $80k and your son will also buy his HDB at $80K? When you go sell salted egg, your son can have two HDBs?
If private become expensive than your son will complain why so expensive and cannot buy!
When price of HDB increased, your son will benefit when you die, he will become millionaire! Not good? It makes us all rich!
You don’t want control on private properties, but you want control on rentals, makr up your mind!
And reserves is for building our nation, the past reserve is still increasing! Why are you giving fake news?
We create this system today and now you complain this and that. What do you want? So smart become the government lah, go get yourself elected!
Tech: Did you just had your 5th booster shot before posting this comment of yours? Somehow I think you did because you are seriously hallucinating.
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@Tech
You are so right.
Too many boo$ter jabs are probably harmful to the brains.
Overdo$ing gives rise to mendacious twaddling.
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//When price of HDB increased, your son will benefit when you die, he will become millionaire! Not good? It makes us all rich!//
aiyoh ?? decaying lease lar ?? BUT if high price of public housing can still be higher higher higher even in a decaying lease, then it is people who are playing poker on essential basics like a lot of things in modern capitalistic society (e.g REIT, futures and derivatives on this and that even on currency, commodities, etc, etc???) which if not controlled properly, it will come down with a big bang OR many sons & daughters can become millionaire ???
‘smart and talented’ but greedy humans create / invent a lot of greedy concepts, instruments & whole industry to rip & exploit the masses ??
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me thinks if U$A keeps to its anti-China tone,it is going to lose out more.
Wages in USA are among the highest in the world.
To bring manufacturing back to USA – reversing its own AGGRESSIVE N ABU$IVE OUTSOURCING- is likely to have more negative impact on US ECONOMY ,if done hurriedly and haphazardly.
The USA always wants to have its cake and eat it.
Wise men has taught us this will end up in smoke.
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LW”heh,brother, sisters time to take
Drugs.
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More economic clouds coming.Watch this Tik Tok on happening on 3rd February on America -”https://vt.tiktok.com/ZS8mLhpFM/”
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Cambodia H5N1 think is bird flu coming up.450 reported dead.Watch this Tik Tok link -”https://vt.tiktok.com/ZS8HEYvnm/”Singapore got buy chicken or eggs from Cambodia or not ?
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Gloomy?
Go ask Piyu$h of DB$ which recently reported a whopping profit increment of over 33 pct!
*Supply-chain related inflation?
Well,maybe.
But go check the other bank$.
All made sky-rocketting profit$.
As for Piyu$h,he got ONLY $15 MILLION?
Maybe its shud be PROFITEERING-RELATED INFLATION more so than supply chain?
Well,the Rich get$ richer in $in City where money can really talk.
Go AUDIT all the greedy corporate$ and the Fat-price NTUC CO-operaTHIEF!
SEE,ITS NOT EXACTLY SUPPLY-RELATED INFLATION…HAPPY PROFITEERING!
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