The Macroeconomic Review released by MAS yesterday has indicated a few key points to note and they are: The Singapore economy is likely to remain weak in 2009; employment growth to slow down; and inflation to fall in 2009. The following are a short summary of these points and other headlines.
Economy is likely to remain weak in 2009
The Singapore economy is likely to remain weak in 2009 due to the weakening of the financial sector, deteriorating consumer sentiments (impacts local sectors like retail businesses and property market), and drop in external-dependent sectors such as manufacturing and tourism.
Employment Growth to Slow Down
With the weakening economy, it is inevitable that employment growth will fall and it will be felt most significantly in manufacturing and financial services sectors.
Inflation to Fall in 2009
Due to falling food and oil prices as well as expected stabilising of labour and rental costs, inflation is estimated to drop to 2.5-3.5% in 2009 instead of the 6-7% experienced in the first 9 months of 2008.
Read the entire The Macroeconomic Review by MAS
Lehman-Linked DBS High Notes 5 is Now Worth Nothing
The notice (for DBS High Notes 5) posted on DBS website said “Credit Event Redemption Amount under the Reference Notes is SGD 0.00 per note.”
Singapore is The Least Risky
In a report released by the Political & Economic Risk Consultancy in Hong Kong, Singapore has the lowest social & political risk as compared to 15 other countries in Asia-Pacific. And it is expected to stay that way despite the current economic turmoil.
View the Executive Summary of the Asian Risk Prospects – 2009 (PDF) report
CIMB-GK to Help ‘Vulnerable’ Lehman-Linked Investors
In a press release by CIMB-GK, it said “CIMB-GK will buy over the Lehman Minibond Series 3, 5 and 6 and Merrill Lynch Jubilee Series 3 LinkEarner Notes from vulnerable investors at the original investment amount, irrespective of interest earned.”
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