The Star Online
24 May 2008
BY SEAH CHIANG NEE
The island-state, once a mere ‘sampan’ tossing about in a turbulent South-East Asia, is today a large ship cruising international waters. However, its dependency on the world for its daily necessities makes it vulnerable to any global economic downturn.
AFTER several years of explosive growth and a red-hot property market, Singaporeans are facing the prospect of stormier times ahead.
The party spoiler is the prospect of a combined sharp slowdown and high prices spilling over here.
Supported by strong reserves and a diversified economy, the state would likely emerge from the crisis without serious damage, but the same cannot be said of the fate of ordinary workers and elderly citizens.
Except for the wealthy, people are already bearing the brunt – a drop in living standards and savings and assets being valued lower.
>>>> More
