As per latest reports on Singapore economic conditions, Lee Hsien Loong, Prime Minister of Singapore, has called for economic integration among ASEAN nations so that they may be able to recover from tremors of global financial downturn.
Lee Hsien Loong also reiterated that Singaporean economic conditions could get far worse as he predicted that levels of unemployment would rise to 5 percent in fiscal 2009. He has also said that maximum rate at which economy of Singapore would depreciate is 8 percent. However, this depreciation would depend a lot on how worse global economic slump turns out to be. Manufacturing sector is an important area of Singapore’s economy as it occupies almost 25 percent of it. It is going to be affected in 2009 fiscal, which is an ominous signal for economic conditions of Singapore. Exports are a major source of revenue for Singapore and Lee Hsien Loong expects there would be a reduction of more than 33 percent in this sector in 2009. If this happens it would make economic conditions in Singapore far worse as its manufacturing sector would be down by 33 percent as well. Major reason behind such an opinion is fact that Singapore exports almost every product made over there. In an encouraging news on economic conditions at Singapore Lee Hsien Loong has said that national government is ready to introduce as many economic stimuli packages as needed to prop up national economy. Lee Hsien Loong has also reiterated that he understands that it would take a significant time before Singapore economic conditions get back to normal. Much of this is due to decreasing levels of consumer spending. He said that it would be illogical to expect common people in Singapore to spend more in these times of economic distress as they also require to save for various purposes like retirement and old age. He says that national government would need to function by taking these factors into consideration. He has also asked for help from neighboring countries like Malaysia and Thailand regarding increasing commercial transactions among themselves so that Singapore economic conditions get back to normal.
Lee Hsien Loong also reiterated that Singaporean economic conditions could get far worse as he predicted that levels of unemployment would rise to 5 percent in fiscal 2009. He has also said that maximum rate at which economy of Singapore would depreciate is 8 percent. However, this depreciation would depend a lot on how worse global economic slump turns out to be. Manufacturing sector is an important area of Singapore’s economy as it occupies almost 25 percent of it. It is going to be affected in 2009 fiscal, which is an ominous signal for economic conditions of Singapore. Exports are a major source of revenue for Singapore and Lee Hsien Loong expects there would be a reduction of more than 33 percent in this sector in 2009. If this happens it would make economic conditions in Singapore far worse as its manufacturing sector would be down by 33 percent as well. Major reason behind such an opinion is fact that Singapore exports almost every product made over there. In an encouraging news on economic conditions at Singapore Lee Hsien Loong has said that national government is ready to introduce as many economic stimuli packages as needed to prop up national economy. Lee Hsien Loong has also reiterated that he understands that it would take a significant time before Singapore economic conditions get back to normal. Much of this is due to decreasing levels of consumer spending. He said that it would be illogical to expect common people in Singapore to spend more in these times of economic distress as they also require to save for various purposes like retirement and old age. He says that national government would need to function by taking these factors into consideration. He has also asked for help from neighboring countries like Malaysia and Thailand regarding increasing commercial transactions among themselves so that Singapore economic conditions get back to normal.
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