Tuesday, November 18, 2008
The recession this year is going to hit us real
hard.
Singapore's government last month lowered its estimate for 2008 growth to between 4 percent and 5 percent from an earlier forecast of as much as 6 percent. The economy may grow less than 4 percent this year, the Straits Times reported this week, citing Trade and Industry Minister Lim Hng Kiang.My Boss too actually forecast our company sales to be 7.5million. He has altered it to 5.5million officially this morning.The Singapore government last month warned that its manufacturing industry, which makes up a quarter of its economy, will remain weak amid easing demand for pharmaceuticals, chemicals and electronics from its biggest markets. Industrial production dropped 12.2 percent last month after a 21.5 percent decline in July, the Economic Development Board said today.Our major customers are in the manufacturing sector. *gosh~-------------------------------------------------------------------------------------------------As you all know,
DBS start the ball rolling by retrenching about
500 employees, followed by Citibank, retrenching about
50,000 employees worldwide!
According to my boss, the banks are getting hit hard, up next will be the electronics sector; or rather, the electronics sector have already started having visible sales drop of
40 - 60% !
Its going to be a cycle.
So people, spend necessarily and
NOT unnecessarily.
If you got spare cash, keep it in fixed deposit becos if the bank collapse, our government will pay ! haha!
