As indicated in my previous post here, the numbers were really bad for December and Singapore 2008 GDP growth has been revised down from 1.5% to 1.2%. I have seen nothing currently that will bring any cheer to this month's figure. If anything, it will be worst. All developed countries will be in recession and developing countries will be struggling.
When I first saw the estimate of -1% to 2%, I really wanted to laugh out loud. Then they revise again to -2% to 1%. And now -5% to -2%. My advice... Stop estimating. The trend of using history to measure growth does not work in such a scenario. I did not even both to contradict their estimates. I just laughed...
Judging from the way the market is going, no one is holding out any high hopes for the budget day tomorrow. I reserved my judgement until I hear the details, but I foresee tomorrow is another gloomy day. The high expectations of this budget might be a little... too high, if we judge our government using past history as a guideline.
1 comment:
The official Singapore 2008 GDP growth is 1.1%, 0.1% less than the last estimate.
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