Bloomberg.com, 16 Jan 2009, Shamim Adam
Jan. 16 (Bloomberg) -- Until a few months ago, Amit Singh dreamed of buying a car. Now, with S$75,000 ($50,100) in the bank, the lawyer is holding back, saying he’ll continue to make the one-hour commute to work on the Singapore subway.
“In these bad times, the buzzword is save, not spend,” says Singh, 34. “It’s not the right economic climate to be lavish or to have a luxurious lifestyle.”
Singapore is asking its citizens, the world’s third- wealthiest adjusted for purchasing power, to be prudent as analysts predict the worst economic slump in the nation’s 43- year history. In speeches, pamphlets and ads, the government is advising people to switch to cheaper frozen meats, take shorter showers and skip the top-of-the-line mobile phone.
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