Ever since the fall of big names financial institutions such as Lehman Brothers, Merrill Lynch and AIG, many investors are starting to panic. It is only now that Singapore is feeling the impact of the global economic downturn. However, Senior Minister of State for Trade and Industry, Mr S. Iswaran stated earlier that Singapore is in a better position to withstand the real economic effects as compared to the period of 1997. This is due to the re-structuring of the Singapore financial system which our our central bank, Monetary Authority of Singapore, has adapted and managed.
Singaporeans will definitely feel the pinch now that recession has set in. Many people are worrying about clearing the bills and providing the basic necessities for the family. I've also heard of people who have received a lower paycheck and many, especially in the manufacturing sector, have been retrenched. The group that will strongly be affected would be the middle income families, especially when prices for commodoties, electricity, water and transport have increased.
I guess Singaporeans should cut the habit of spending in excess and save more to ensure survival. In time of crisis like this (which I forsee will last till up to two years)it is important that Singaporeans manage their finances well. Measures could be made by using public transports, eating homecooked meals and switching to fans instead of air-conditioners.
So what have you done to save?
Source: The New Straits Times, http://www.straitstimes.com/Breaking%2BNews/Singapore/Story/STIStory_288879.html
2 comments:
It's really scary how many people are losing jobs and have their pay cut by half :( and i pity people who earn by commission based. with recession, people spend less, hence, salesmen earned very little, especially when they cannot hit the monthly target. can you imagine the amount of money they bring home now that recession has hit us?
for me, i cut down a lot by not taking cabs and by eating at home more often. i no longer shop unless i need to. it's pretty sad but such is life.
honestly i havent really done much to save. i kinda save what i dun spend. so what ever i dun spend is my savings. im am not entirely sure on how we as singaporeans can help the economy. its like i know that the country is declining but what can we do to help the country? should be try to advertise more overseas or what?
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