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Where Is The Real Economy?

Singapore now resembles a giant construction site. Every where you go there are roadworks and MRT works which snarl up traffic.

This is classic Keynesian economics at work where public spending is propping up the GDP. If not for Taylor Swift and Cold Play, many speculated that the economy would have been in negative territory the last quarter.

So where is the real economy? I hear taxi drivers tell me everyday that business is terrible and so many people can no longer afford to take taxis because they have been laid off.I hear from concerned parents that their University graduate children cannot find meaningful long-term employment.I see with my own eyes the long queues of young Singaporeans waiting for food orders which they are tasked to deliver.And we read about 40% vacancy rates at Changi Business Park. I hear from property agents of scores of businesses which have relocated to Johor Bahru, KL and Penang because costs is so much cheaper there.

So let’s ask ourselves the important question- where is the real economy in Singapore today? Or has the Singapore economy hollowed out?

 

Lim Tean

 

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READER COMMENTS BELOW

41 Responses to “Where Is The Real Economy?”

  • inoowatosay:

    Sinkies should wake up that our economy has been mismanaged by the PAP, starting from Pinkiie, and we will only get from bad to worse!

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  • rice:

    So Taylor $wift save $g?
    We must ask her to be our FT-MINISTER.
    BUT the $alary is too low?
    Taylor $wift is overhyped.
    Hers is not long-term effect,its just a shot to get short-term “HIGH” ,much like “Ecstasy” pills that are banned?!

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  • Ultra extra:

    What is real economy.
    HDB 5 Room at $1.5M with less than 99 years and Landed Terrace FREEHOLD at less than twice the sale price.

    Regulate Private damn tight but HDB which consists of more than 85 pct so loose.
    PRs are so full of praise for PAP for enriching them at the expense of stupid Singaporeans.

    Jobs,HDB ,ETC,PRs are so happy with our policies that they turn down citizens ships offered by the PAP government.
    They are not so stupid except the desperate ones who are no talents.

    Expect more stupid citizens in future as more stupid PRs are the main ones who took up citizenship on average in recent times.

    The whole country is so stupid.
    Singaporeans have become Singaporeans.

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  • 2Daft2Live:

    But the daft sinkies don’t care about what is happening in politics. Being timid, lacking in moral courage and apathetic, even undergrads and graduates shy away from political engagement of any kind even though they are the crème de la crème of the nation. That is until they find themselves jobless despite being the cream of the crop.

    https://theindependent.sg/nearly-70-of-college-graduates-think-it-is-difficult-to-land-a-job-this-year-survey/

    https://www.linkedin.com/pulse/fresh-grads-might-wild-ride-the-business-times-uqa4c

    What happened? Simply that SG leaders had screwed up the economy.

    https://www.fitchsolutions.com/bmi/telecommunications/singapore-green-data-centre-roadmap-unlikely-preserve-its-leadership-31-05-2024

    Businesses are exiting costly SG and investing in more attractive places like Johor, Batam, Vietnam and so on. We killed ourselves by insisting on further increasing GST from 7% to 9%, worsening the cost of doing business locally. GST necessitated increases in wages, bills and everything which further drive-up business costs and cost of living. On top of that, we are struggling with shortages in food and power supply as below due to massive influx of immigrants.

    https://gutzy.asia/2024/05/27/i-f-f-i-shuts-down-mega-indoor-veggie-farm-in-tuas/

    https://www.straitstimes.com/singapore/ema-calls-for-proposals-to-build-two-more-hydrogen-ready-natural-gas-power-plants-by-2030

    So now the jobless new graduates realize that politics affect economy and the economy affect society. Alas, they are a part of society but it is too late to do anything.

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  • Sporeans Keep Govt Employed:

    Fark that bunch of old coots with silver pubes running dogs outside 328 clementi ave 2 coffeeshop.

    I spit on your graves in advance.

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  • Sporeans Keep Govt Employed:

    Since Sporeans are so fond of the cheap shopping in Malaysia, the next logical step is to move there.

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  • All-In-the Family:

    Papigs are no more than one huge property developer.
    Selling GCBs to No_NS newly minted Citizens transferring money out of China.
    Until China gets angry. this will continue.
    As happened with the Fujian money Launderers.
    They were laundering in broad daylight.
    Until Wang Yi came a-calling.
    99-1 % ABSD tax avoidance/evasion was going on for years—until social media discussion got too hot.
    BTO-MOP casino with 5 years of empty no-occupation is also rampant.
    HDB turning a blind eye.
    How many papigs cadres are in the construction and property development business—MANY!

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  • Singaporeans R Free Riders:

    Sporeans Keep Govt Employed:
    Since Sporeans are so fond of the cheap shopping in Malaysia, the next logical step is to move there.

    Singaporeans had already moved there and are very happy.

    https://www.sammyboy.com/threads/living-in-jb.35746/

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  • SINGAROAR:

    Many Singaporeans are also doing grocery shopping in Johore. They cannot afford to buy the food at the supermarket in Singapore. This is the result of freely giving out citizenships to foreigners without restricting property purchases.PRs push up HDB resale market and the wealthy purchase landed properties including shop houses. The result is food costs becomes unaffordable. The PAP has not taken into consideration global warming which will further affect our food supply.The fact that they are continuing to remove more forests to build housing for foreigners shows their poor reading of global warming.We have to vote Opposition if we want to save ourselves.This is the end of the PAP as they are unable to be versatile to global warming.

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  • Singleporeans:

    Be and let it be.
    Singaporeans are fast becoming Singleporeans as more and more 2-room flats for singles are ready for sale. Don’t y’all know?
    Just don’t pretend lah…!

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  • Sporeans Keep Govt Employed:

    They are also building sewers. Constant roadworks to put more wires to power more houses.

    <

    https://www.straitstimes.com/singapore/ema-calls-for-proposals-to-build-two-more-hydrogen-ready-natural-gas-power-plants-by-2030

    So now the jobless new graduates realize that politics affect economy and the economy affect society. Alas, they are a part of society but it is too late to do anything.

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  • Sporeans Keep Govt Employed:

    Thing is, it is only attractive to relocate to M’sia IF you are earning Spore salary.

    If you are earning M’sia salary, then you weill find living in M’sia costly too.

    Are you for the idea that indigenous Sporeans should move out of the country to make way for new citizens?

    Singaporeans R Free Riders: Singaporeans had already moved there and are very happy.

    https://www.sammyboy.com/threads/living-in-jb.35746/

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  • dodo:

    Wah lau, so many economic problems still can use high millions for some founder memorial and mrt station, who were the state and finance heads who went ahead with this idea.

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  • Temperature Rising:

    SG has turned into a concrete jungle where you find buildings at almost every corner & you should know the latest plan to build founders’ memorial. You can also find artificial trees at the so-called “garden” (misleading word) by the bay!

    Where is the real economy? Where is the natural fresh air we breathe?

    Who talks about forming climate change group to address the problem which pappy has created?

    https://www.asiaone.com/singapore/pap-create-2-new-groups-address-cross-cutting-issues-mental-health-climate-change

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  • rice:

    What is REAL economy?
    What is FAKE economy?
    Real economy is that from 1G.
    From Fishing village to Sg Miracle.
    From poor low waged to middle -income earners.
    From slums to a Clean and Green City.
    That made the people happy.

    Fake economy is that by 3G.
    From Sg Miracle to Sgs’ DEBACLE.
    From PMEs to Food Grabbies
    And ,uncle-taxi.
    From Happy to work till you mati.
    From Clean and Green City to Crowd-out and Shitty.

    And,from High Productivity to Low Productivity with more and more FTs?

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  • PAP mandate strong:

    @ Thing is, it is only attractive to relocate to M’sia IF you are earning Spore salary.

    If you are earning M’sia salary, then you weill find living in M’sia costly too.

    Yes.
    Fair and sensible statement!
    Because of currency conversion, you feel spending in Malaysia is cheap. But several malaysian colleagues from other department of my company also claim if 1 is to 1 dollar by dollar , malaysia makan more expensive. JB people also claim JB cost higher than KL.

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  • Sporeans Keep Govt Employed:

    MRT train often have to stop awhile or slow down as the train in front has stopped moving.

    Not RAPID anymore, is it?

    dodo:
    Wah lau, so many economic problems still can use high millions for some founder memorial and mrt station, who were the state and finance heads who went ahead with this idea.

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  • Dalai Says:

    “The future belongs to the discontented.” – Robert Woodruff
    “Indifference is the essence of inhumanity.” – George Bernard Shaw

    10% of Sgreans (mostly not vaxed) belong to Woodcuff’s
    90% of contented sheep belong to Shaw’s group.

    Already seen how THEY (3/4Gs) and the 90% $inkies ‘treat’ their fellow Sgreans during Covid.

    I hope that wealth inequality and the rush towards plutocracy in our country will get bad enough in the next few years to cause the 90% of working class $inkies to START voting in their own economic best interest. But then who cares? lol

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  • Pappies:

    You are in good companies.

    PAP mandate strong: But several malaysian colleagues from other department of my company also claim if 1 is to 1 dollar by dollar , malaysia makan more expensive.

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  • rice:

    WHAT IS REAL economy?
    WHAT IS FAKE economy?
    In this context,we want to place emphasis on HOLISTIC economic DEVELOPMENT versus mere ECONOMIC GROWTH$.

    A G that merely places ECONOMIC GROWTH$ AT ITS CORE OBJECTIVE often TENDS TO FORGO economic DEVELOPMENT for the NATION(its PEOPLE).

    Take $g for example.
    We cannot say we have no ECONOMIC growth the past 2 decades.
    We have had ,some sort.
    BUT in the midst of it all,MANY sgs have been rendered UNDERemployed or even JOBLESS with FOREIGNERS replacing these sgs.
    MANY AMONG us were rendered UMPOVERISHED even as “OUR” G helped the ECONOMIC SCAVENGERS the G dumped here to be ENRICHED at many sgs’ expense.

    Do we call that ECONOMIC DEVELOPMENT FOR OUR SGS?
    Of course,the G built many “jewel$” like “VORTEX AT CHANGI”,etc but where the G get money to FUND these “LUXURY PRODUCT$” if not from TAXPAYERS?
    And,yes,HDB 5 RM BROKE $1M,$1.2M AND COMFORTABLY PIERCED THROUGH $1.5M!
    Do such elevated prices add to GNP?
    Sure but not necessarily ECONOMIC DEVELOPMENT!
    Sgs still own the 1 HDB they live in.
    Unless you sell it away and camp at I$tana grounds???

    Many sgs are now so impoverished.
    Many seniors are suffering quietly.
    Afterall,they voted for the gahmen themselves?
    They can only trust the G to take care of them.
    And,if not so,they just got to kick their own a$$e.

    Also,despite GREEN N CLEAN SLOGAN,SG IS THAT MUCH MORE LITTERED AND “HOT” from the fast-paced sudden OVER-CROWDING!
    SUSTANABITY?
    REALLY?!

    So,you see,there is claimed ECONOMIC GROWTH$ BUT AT THE EXPENSE OF ECONOMIC DEVOPMENT of the PEOPLE(citizens especially the needy and seniors).

    KPI?
    What is KPI?
    A MEASURE OF “$$$” alone?
    Sure,its nice to be a Billionaire.

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  • Observer:

    Based on your logic, what about Indonesia and Africa?

    PAP mandate strong:

    Yes.
    Fair and sensible statement!
    Because of currency conversion, you feel spending in Malaysia is cheap. But several malaysian colleagues from other department of my company also claim if 1 is to 1 dollar by dollar , malaysia makan more expensive. JB people also claim JB cost higher than KL.

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  • Pappies:

    Even Observer says you have no logic. That’s the definitive final judgement.

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  • dodo:

    What I mean is THAT NEW MRT STATION at founder’s memorial. You need a mrt station there for how many people ??

    Sporeans Keep Govt Employed:
    MRT train often have to stop awhile or slow down as the train in front has stopped moving.

    Not RAPID anymore, is it?

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  • Sporeans Keep Govt Employed:

    They probably will turn the Memorial into a tourist attraction.

    Like the rich need Tan Kah Kee and Cashew MRT stations.

    dodo:
    What I mean is THAT NEW MRT STATION at founder’s memorial. You need a mrt station there for how many people ??

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  • PAP mandate strong:

    As Sporeans Keep Govt Employed clearly say.

    Go there and buy groceries, yes. Why ?Because of exchange rate.
    If not why so many Malaysian crossed causeway and work in Sg ? Maybe you prefer to work in Malaysia and earn ringgit and spend there. Be my guest.

    Anyway, did those relocate give up their sg ID and passport or not ?
    I dont think so.

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  • Singaporeans R Free Riders:

    Sporeans Keep Govt Employed:
    Thing is, it is only attractive to relocate to M’sia IF you are earning Spore salary.

    If you are earning M’sia salary, then you weill find living in M’sia costly too.

    Are you for the idea that indigenous Sporeans should move out of the country to make way for new citizens?

    Let me re-phrase the question for you.

    Are you for the idea that indigenous Sporeans be banned from Malaysia stealing patrol at the expense of Malaysian taxpayer?
    https://youtu.be/mFQwDKIpxm4

    Singapore for Singaporeans, can you answer why Singaporeans don’t pump petrol in Singapore ?

    https://thediplomat.com/2014/02/singapores-foreigner-problem/

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  • Growing nose:

    This is a good example of “ couldn’t see beyond his nose “ type of personality!

    Now it looks like a huge construction site. Upon completion, it will be the jewel of the world!

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  • Sporeans Keep Govt Employed:

    Uncle Ride

    In reply, Sporeans should not be banned from Malaysia as the same reason as why Malaysians should not be banned from Spore. Sporeans want cheaper goods/services. Spore employers want cheap workforce. YES?

    Sporeans don’t pump petrol in spore as it is cheaper in M’sia. Same reason as why M’sians prefer to ditch their own country to earn more in Spore. And both Sporeans and M’sians do pump where they are.

    So basic also must explain to you…haiz

    Singaporeans R Free Riders: Let me re-phrase the question for you.

    Are you for the idea that indigenous Sporeans be banned from Malaysia stealing patrol at the expense of Malaysian taxpayer?
    https://youtu.be/mFQwDKIpxm4

    Singapore for Singaporeans, can you answer why Singaporeans don’t pump petrol in Singapore ?

    https://thediplomat.com/2014/02/singapores-foreigner-problem/

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  • rice:

    WHATS WRONG IF SGS GO TO JB TO EAT AND BUY GROCERIES OR PUMP PATROL?

    The COL here is too high.
    Malaysians come here by the hundreds of thousands each morning to earn money .
    Then go back in the evening to their PRIVATE PROPERTIES BY EVENING.
    The money they earn here allow them to live like PRINCES in N
    MALAYSIA.
    Meanwhile,RENT OUT THEIR HDB FLATS TO EARN EXTRA MONEY,ALL THANKS TO PAP.

    When sgs go over to JB,sgs SPEND MONEY TO BOOST MALAYSIA’S ECONOMY.
    BUT MALAYSIANS COME HERE,MANY PMETs to ROB sgs of their job$ leaving many sgs to be Food-grabbies???

    What me can’t stand is stupid logic from daft FAKE sgs n especially DAFT MINISTERS WITH STUPID SWEEPING STATEMENTS THAT PUT DOWN OUR OWN CITIZENS.

    SEE,if G does their job and bring down COL,will sgs bother to queue for hours just to buy groceries in JB?
    Go ask NTUC WHY THEIR PRICES ARE SKYHIGH?
    SUPPLY CHAIN OR PROFITEERING?
    TELL IT AS IT IS.

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  • Meanwhile….:

    Our FT darling still can find job even he was terminated in previous job due to poor performance amid many retrenched singaporean find it very difficult to find job. Secondly, why the hiring manager still recruits an employee who was terminated due to poor performance – never screen candidate or recruit own kind?

    https://www.channelnewsasia.com/singapore/former-ncs-employee-access-computer-system-delete-servers-human-oversight-4405131

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  • Singaporean R Free Rider:

    Dalai Says:
    “The future belongs to the discontented.” – Robert Woodruff
    “Indifference is the essence of inhumanity.” – George Bernard Shaw

    10% of Sgreans (mostly not vaxed) belong to Woodcuff’s
    90% of contented sheep belong to Shaw’s group.

    Already seen how THEY (3/4Gs) and the 90% $inkies ‘treat’ their fellow Sgreans during Covid.

    I hope that wealth inequality and the rush towards plutocracy in our country will get bad enough in the next few years to cause the 90% of working class $inkies to START voting in their own economic best interest. But then who cares? lol

    “The future belongs to the discontented.” – Robert Woodruff

    Ok I hear you. Will you dodge NS when war start ? Yes or No ?

    Discontented #1 True face of a discontented wanting freedom but not responsibility.
    ‘I was afraid of it’: the Ukrainians dodging conscription and fleeing the country
    https://youtu.be/6cjqD1E-9KY

    Discontented #2 Got money stay in Condo No money to pay for child safety
    https://youtu.be/hPNko1rt9Ok

    Discontented #3 Now I know what is hungry ghost..
    Do not ever try to open an All-You-Can-Eat restaurant in China
    https://youtu.be/NkLD_cWIarQ?si=kie9yUzWTVpoC0uv

    Discontented #4 Kung Fu Panda in Parliament
    Brawl Erupts in Taiwan’s Parliament
    https://youtu.be/Db5DKX7NDkg?si=Tj_LR7m7YssBx7Ka

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  • China Good:

    Anti-Chinese Aseanee spreads rumour about China and Chinese.

    See good buffet foods in China.

    https://www.bilibili.com/video/BV1o7421o7tQ/?spm_id_from=333.337.search-card.all.click
    两人花1198元吃上海烤龙虾自助!攻略没做好下次再来!

    https://www.bilibili.com/video/BV1Ui4y1U7LD/?spm_id_from=333.337.search-card.all.click
    成都街边15元自助餐,20道菜让“打工人”吃饱又吃好,

    https://www.bilibili.com/video/BV1LG4y1C7DC/?spm_id_from=333.337.search-card.all.click
    吃自助差点被保安赶出去…98元/位五星级酒店自助,

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  • Light The Way:

    ‘Cause karma is my boyfriend
    Karma is a god
    Karma is the breeze in my hair on the weekend
    Karma’s a relaxing thought
    Aren’t you envious that for you it’s not?
    Sweet like honey, karma is a cat
    Purring in my lap ’cause it loves me
    Flexing like a goddamn acrobat
    Me and karma vibe like that

    Karma by Talyor Swift

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  • PAP mandate strong:

    @ rice

    I never say wrong. I only said its the exchange rate.

    Same thing right.
    Malaysians especially those at the north side also go to Thailand and spend. They also kpkb why Malaysia cannot be cheap like Thailand. I guess North side Thailand go Vietnam, Laos, Myanmar also kpkb why Thailand cannot be cheap like them.

    If you see karang guni around your block. Talk to them, many are from batam Indonesia. Ask them a meal e.g. 肉骨茶 there compare to sg how much cheaper. Answer will be surprising.

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  • rice:

    REAL or UNreal?
    QUE$TION IS WHY THE G SEEMS TO “MEDDLE” WITH PRIVATE SECTOR PROPERTY(for example) MORE SO than it should for HDBs???

    Look,HDB 5 ROOM N 4 ROOM WITH LESS THAN 99 YEARS LEASE SELLING ABOVE $1.5M N $1 M respectively while FREEHOLD LANDED TERRACE HOUSES ARE SELLING BELOW $3-2.5M?

    There is di$parity btought about by BAD POLICIES AND THE G POKING ITS “INVISIBLE HANDS” AT THE WRONG PLACE!

    GO FIGURE.

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  • rice:

    @PAP MANDATE
    Bro,your point taken.
    VmCheerio n pleasant weekend.

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  • PAP mandate strong:

    Whether you call it a habit or greed or whatever , property everywhere including China always 买涨不买跌. All the 招式 China 出到完, also futile.

    Now China properties drop like flies, perhaps you consider relocate since you also pro china. If you go and buy, even offer at cut throat price, i think also can. 价钱直接砍 60% , rejected never mind. Countless sellers out in the market. Next please.

    Like Li Kah Shing, when its time to sell. Give huge discount and clear stock.

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  • Singaporean R Free Rider:

    Sporeans Keep Govt Employed:
    Uncle Ride

    In reply, Sporeans should not be banned from Malaysia as the same reason as why Malaysians should not be banned from Spore. Sporeans want cheaper goods/services. Spore employers want cheap workforce. YES?

    Sporeans don’t pump petrol in spore as it is cheaper in M’sia. Same reason as why M’sians prefer to ditch their own country to earn more in Spore. And both Sporeans and M’sians do pump where they are.

    So basic also must explain to you…haiz

    Oh so it is very basic and easy to understand right ?

    Try explaining that to Opposition who insist on Singapore for Singaporean only.

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  • Singaporean R Free Rider:

    Meanwhile….:
    Our FT darling still can find job even he was terminated in previous job due to poor performance amid many retrenched singaporean find it very difficult to find job. Secondly, why the hiring manager still recruits an employee who was terminated due to poor performance – never screen candidate or recruit own kind?

    https://www.channelnewsasia.com/singapore/former-ncs-employee-access-computer-system-delete-servers-human-oversight-4405131

    You are racist.

    Why never show Chinese KTV hostess Han Fei Zi working illegally in Singapore?
    https://youtu.be/r4NfauwT_5A

    https://www.reddit.com/r/singaporehappenings/comments/178g9zk/china_uncle_blasted_han_fei_zi_the_influencer_who/

    Our great PAP is fair. Chinese or Indian or any nationalities all will be charged for breaking law.

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  • Sporeans Keep Govt Employed:

    You can apply for jobs in any other countries and see if they don’t hire their own citizens first.

    Especially the white countries. See if those democratic people will hire you give u job.

    Want to migrate? Application fee $5000. And then they make sure you got money. Now the visa is only for a few years, depending on how much you have in the bank.

    But some SME employers openly (in front of all staff) show they favor FTs. Some Pinoy only know how to sing song, fellate and talk only.

    Even some hawkers openly favor Foreign customers. So I read of SMEs and hawkers close shop, I sometimes think if is retribution.

    I see nothing wrong with oppo saying jobs for Sporeans first. Rather than insist on hiring incapable FT like the one who got fired from NCS and then deleted the computer programs.

    Basically, money is the moral guide.

    Singaporean R Free Rider: Oh so it is very basic and easy to understand right ?

    Try explaining that to Opposition who insist on Singapore for Singaporean only.

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