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Singapore is the first Asian country in this current financial crisis to be in a recession. Our country is heavily reliant on exports and the global slowdown has resulted in a significant decline in international and regional trade. There is now considerable uncertainty to the depth and duration of the downturn. Dr Larry Bates, an American Economist said that America, the largest economy in the world, has a debt-based economy or a debt-based monetary system with a forty-trillion dollar domestic debt. There is a saying, “when America sneezes, the world catch a cold.” What is the impact of what is happening in America on Singapore? Participants will examine the causes and effects of the recession in America. They will analyze the situation in Singapore and evaluate measures adopted by the Singapore government in response to the current economic crisis. Participants will also consider how the crisis affects them in the short and long term and the lessons they can learn from the global downturn. Here are some relevant resources you can refer to. - Budget Speech 2009
- Singapore Employment Situation in First Quarter 2009
- New Measures To Develop Manpower Capabilities in this Economic Downturn
- MTI Revises Forecasts for 2009 GDP Growth to -9.0 to -6.0 Per Cent
- Speech by Mr Gan Kim Yong, Minister for Manpower, at the May Day Awards Dinner, 29 April 2009, 7.35pm, Orchid Country Club
- Statement by Mr Gan Kim Yong, Minister for Manpower, Republic of Singapore, at the ILO Summit on the Global Jobs Crisis, at the 98th International Labour Conference, 16 June 2009, 10pm (SG Time), Geneva, Switzerland
- Marital woes up
- Recession, what recession?
- Singapore’s Young Business Leaders Pledge to ‘Beat the Recession’
- Gyms in good shape amid lean times
- Job losses dull US housing
- How a 'perfect storm' led to the economic crisis
- Recession Hero helps others out
- Singapore can't spend its way out of recession
- Riding out the downturn
- Singapore's economy emerges from recession in Q2
- Economic Recovery: The World Looks to Us, the U.S.
- Gearing up for the upturn through innovation
- 10 Ways To Improve YOUR Economy
- Sustainability Still Key Success Factor For Manufacturers
- Singapore's economy bounces back
- The 2009 Recession: Work-related depression
- Recession notebook
- Post-Crisis World
- A-Z of the credit crunch
- The 'big spenders' are getting smart
- Is America Broke?
- Tent Cities in America: Signs of the Current Recession
| 1. Budget Speech 2009 | | This is a list of countries or dependencies by income inequality metrics, including Gini coefficients, according to the United Nations (UN) and the Central Intelligence Agency (CIA). | | http://www.mof.gov.sg/budget_2009/speech_toc/index.html | Ministry of Finance, Singapore. 2009. Budget Speech 2009. [Online] [Updated 22 Jan 2009]
Available at http://www.mof.gov.sg/budget_2009/speech_toc/index.html [Accessed 6 July 2009] | | [ Back to Top ] | | 2. Singapore Employment Situation in First Quarter 2009 | | Preliminary estimates show that total employment declined marginally by 1,000 in the first quarter of 2009, as the economy continued to worsen. 2 Falling external demand has severely affected the manufacturing sector where employment declined by 19,900, deeper than the 7,000 loss in the earlier quarter. | | http://www.polyforum.edu.sg/documents/Employment Situation in first quarter 2009.pdf | Manpower Research and Statistics Department of the Ministry. 2009. Singapore Employment Situation in First Quarter 2009. [Online] [Updated 15 Jun 2009]
Available at http://www.polyforum.edu.sg/documents/Employment Situation in first quarter 2009.pdf [Accessed 3 July 2009] | | [ Back to Top ] | | 3. New Measures To Develop Manpower Capabilities in this Economic Downturn | | The Ministry of Manpower is introducing new measures under SPUR (Skills Programme for Upgrading and Resilience) to further develop Singapore’s manpower capabilities and provide greater support for companies and workers, especially Professionals, Managers, Executives and Technicians (PMETs), affected by the downturn. | | http://app2.wda.gov.sg/web/Contents/Contents.aspx?Yr=2009&ContId=821 | Singapore Workforce Development Agency. 2009. New Measures To Develop Manpower Capabilities in this Economic Downturn. [Online] [Updated 3 May 2009]
Available at http://app2.wda.gov.sg/web/Contents/Contents.aspx?Yr=2009&ContId=821 [Accessed 3 July 2009] | | [ Back to Top ] | | 4. MTI Revises Forecasts for 2009 GDP Growth to -9.0 to -6.0 Per Cent | | Advance estimates for the Singapore economy indicate that economic activity slowed down sharply in the first quarter of 2009. On a seasonally adjusted annualised basis, real GDP contracted by 19.7 per cent compared to the previous quarter, worse than the 16.4 per cent contraction in the forth quarter of 2008. | | http://www.polyforum.edu.sg/documents/MTI 2009 GDP.pdf | Ministry of Trade and Industry, Singapore. 2009. MTI Revises Forecasts for 2009 GDP Growth to -9.0 to -6.0 Per Cent. [Online] [Updated 14 Apr 2009]
Available at http://www.polyforum.edu.sg/documents/MTI 2009 GDP.pdf [Accessed 3 July 2009] | | [ Back to Top ] | | 5. Speech by Mr Gan Kim Yong, Minister for Manpower, at the May Day Awards Dinner, 29 April 2009, 7.35pm, Orchid Country Club | | Speech by Mr Gan Kim Yong, Minister for Manpower, at the May Day Awards Dinner, 29 April 2009, 7.35pm, Orchid Country Club | | http://www.mom.gov.sg/publish/momportal/en/press_room/mom_speeches/2009/20090429-speech_by.html | Ministry of Manpower, Singapore. 2009. Speech by Mr Gan Kim Yong, Minister for Manpower, at the May Day Awards Dinner, 29 April 2009, 7.35pm, Orchid Country Club. [Online] [Updated 29 Apr 2009]
Available at http://www.mom.gov.sg/publish/momportal/en/press_room/mom_speeches/2009/20090429-speech_by.html [Accessed 3 July 2009] | | [ Back to Top ] | | 6. Statement by Mr Gan Kim Yong, Minister for Manpower, Republic of Singapore, at the ILO Summit on the Global Jobs Crisis, at the 98th International Labour Conference, 16 June 2009, 10pm (SG Time), Geneva, Switzerland | | Statement by Mr Gan Kim Yong, Minister for Manpower, Republic of Singapore, at the ILO Summit on the Global Jobs Crisis, at the 98th International Labour Conference, 16 June 2009, 10pm (SG Time), Geneva, Switzerland | | http://www.mom.gov.sg/publish/momportal/en/press_room/mom_speeches/2009/20090616-statement.html | Ministry of Manpower, Singapore. 2009. Statement by Mr Gan Kim Yong, Minister for Manpower, Republic of Singapore, at the ILO Summit on the Global Jobs Crisis, at the 98th International Labour Conference, 16 June 2009, 10pm (SG Time), Geneva, Switzerland. [Online] [Updated 17 Jun 2009]
Available at http://www.mom.gov.sg/publish/momportal/en/press_room/mom_speeches/2009/20090616-statement.html [Accessed 3 July 2009] | | [ Back to Top ] | | 7. Marital woes up | | THE recession is taking its toll on marriages as worries about finances and job security spiral into disagreements and fights. Counsellors my paper spoke to say that they have seen an increase of up to three times the typical number of couples with such marital woes. Clinical psychologist Marina Yap at the Centre for Effective Living in Camden Medical Centre said she is seeing 40 per cent more of such cases this year, compared to last year. | | http://www.straitstimes.com/Breaking%2BNews/Singapore/Story/STIStory_397192.html | The Straits Times, Singapore. 2009. Marital woes up. [Online] [Updated 30 Jun 2009]
Available at http://www.straitstimes.com/Breaking%2BNews/Singapore/Story/STIStory_397192.html [Accessed 3 July 2009] | | [ Back to Top ] | | 8. Recession, what recession? | | SINGAPOREANS are spending big bucks at this year's Great Singapore Sale. According to credit card figures released by MasterCard on Tuesday, the first GSS weekend saw Singapore cardholders chalking up bills of US$26.3 million (S$38.3 million) - an increase of seven per cent from the same period last year. | | http://www.straitstimes.com/Breaking%2BNews/Singapore/Story/STIStory_391066.html | The Straits Times, Singapore. 2009. Recession, what recession? [Online] [Updated 16 Jun 2009]
Available at http://www.straitstimes.com/Breaking%2BNews/Singapore/Story/STIStory_391066.html [Accessed 3 July 2009] | | [ Back to Top ] | | 9. Singapore’s Young Business Leaders Pledge to ‘Beat the Recession’ | | Young Business Leaders (YBL), a network of Singaporean business leaders and entrepreneurs, marked their first major milestone today with the launch of ‘Beat the Recession’, a wholly-private sector led initiative aimed at helping local businesses ride out the current economic crisis in May. | | http://www.ace.sg/Site/Page.aspx?id=6B8D1C34-E5B0-48B0-B509-6E6EA6C161D8 | Action Community for Entrepreneurship. 2009. Singapore’s Young Business Leaders Pledge to ‘Beat the Recession’ [Online] [Updated ?]
Available at http://www.ace.sg/Site/Page.aspx?id=6B8D1C34-E5B0-48B0-B509-6E6EA6C161D8 [Accessed 3 July 2009] | | [ Back to Top ] | | 10. Gyms in good shape amid lean times | WITH more time on their hands because business is slow, and with stress levels rising as they struggle to deal with the economic downturn, more people are turning to fitness as a salve.
Gyms and fitness centres are seeing a marked increase in patronage.
A Straits Times check of seven local fitness chains shows that all have seen membership figures soar by 10per cent to 100per cent over the past six months. | | http://health.asiaone.com/Health/Fitness/Story/A1Story20090224-124192.html | Singapore Press Holdings Ltd. 2009. Gyms in good shape amid lean times [Online] [Updated 24 Feb 2009]
Available at http://health.asiaone.com/Health/Fitness/Story/A1Story20090224-124192.html [Accessed 3 July 2009] | | [ Back to Top ] | | 11. Job losses dull US housing | | MIAMI - A PICKUP in US home sales has kindled hopes for a housing recovery, but plunging prices, rising unemployment and a new wave of foreclosures are clouding prospects for a quick end to the American real estate debacle. | | http://www.straitstimes.com/Overcoming%2BThe%2BStorm/Latest%2BStories/Story/STIStory_383218.html | Singapore Press Holdings Ltd. 2009. Job losses dull US housing [Online] [Updated 29 May 2009]
Available at http://www.straitstimes.com/Overcoming%2BThe%2BStorm/Latest%2BStories/Story/STIStory_383218.html [Accessed 3 July 2009] | | [ Back to Top ] | | 12. How a 'perfect storm' led to the economic crisis | The U.S. economy is clearly in terrible shape. What is less clear is how we got here.
Opinions vary on when and where to begin the story, but many experts trace the origins of the current economic situation to the housing bubble that came about earlier this decade. | | http://edition.cnn.com/2009/US/01/29/economic.crisis.explainer/index.html | Cable News Network. 2009. How a 'perfect storm' led to the economic crisis [Online] [Updated ?]
Available at http://edition.cnn.com/2009/US/01/29/economic.crisis.explainer/index.html [Accessed 3 July 2009] | | [ Back to Top ] | | 13. Recession Hero helps others out | WITH a solid career in IT behind him, Mr Daniel Soh reckoned getting a new job after his old firm went belly up would be a piece of cake. A large slice of humble pie was more like it.
One dispiriting month and 20 fruitless job applications later, Mr Soh knew he needed help and called on Mr Ho Ah Chuan for help. | | http://www.asiaone.com/Business/News/My%2BMoney/Story/A1Story20090305-126384.html | Singapore Press Holdings Ltd. 2009. Recession Hero helps others out [Online] [Updated 6 Mar 2009]
Available at http://www.asiaone.com/Business/News/My%2BMoney/Story/A1Story20090305-126384.html [Accessed 3 July 2009] | | [ Back to Top ] | | 14. Singapore can't spend its way out of recession | THE Government will help buffer the impact of the downturn on Singaporeans and businesses, but Singapore will not emerge from the crisis until the global economy starts to heal, Prime Minister Lee Hsien Loong has said.
He made the point to the BBC in an interview aired yesterday, during which he described the current downturn as 'the most severe' since World War II. | | http://www.pmo.gov.sg/News/Transcripts/Prime+Minister/Singapore+can+t+spend+its+way+out+of+recession.htm | Government of Singapore. 2009. Singapore can't spend its way out of recession [Online] [Updated 14 May 2009]
Available at http://www.pmo.gov.sg/News/Transcripts/Prime+Minister/Singapore+can+t+spend+its+way+out+of+recession.htm [Accessed 16 July 2009] | | [ Back to Top ] | | 15. Riding out the downturn | IN the past month, the markets have yielded some encouraging news. While we hope this points to economic recovery, the lessons of the downturn should not be easily forgotten.
To crystallise these lessons, we spoke to some top Enterprise 50 (E50) companies to get a sense of what they have been doing to ride out the downturn. We found three common focus areas: containing costs, seizing opportunities and managing cash. | | http://www.asiaone.com/Business/SME%2BCentral/Dollars%2B%2526%2BSense/Story/A1Story20090609-147308.html | Government of Singapore. 2009. Riding out the downturn [Online] [Updated 14 May 2009]
Available at http://www.asiaone.com/Business/SME%2BCentral/Dollars%2B%2526%2BSense/Story/A1Story20090609-147308.html [Accessed 16 July 2009] | | [ Back to Top ] | | 16. Singapore's economy emerges from recession in Q2 | Singapore's economy grew for the first time in a year, soaring 20 percent in the second quarter, a sign Asia is emerging from the global slump.
Gross domestic product jumped an annualized, seasonally adjusted 20.4 percent in the three months through June from the previous quarter, the Trade and Industry Ministry said Tuesday in a statement. It said GDP fell 3.7 percent from year earlier after a 9.6 percent drop in the first quarter. | | http://www.businessweek.com/ap/financialnews/D99E2EN80.htm | The McGraw-Hill Companies Inc. 2009. Singapore's economy emerges from recession in Q2 [Online] [Updated 14 July 2009]
Available at http://www.businessweek.com/ap/financialnews/D99E2EN80.htm [Accessed 16 July 2009] | | [ Back to Top ] | | 17. Economic Recovery: The World Looks to Us, the U.S. | | Washington is divided about the need for a second stimulus package. The rest of the world, meanwhile, anxiously awaits a U.S. rebound, writes Hal Sirkin. | | http://www.businessweek.com/managing/content/jul2009/ca20090714_083571.htm | The McGraw-Hill Companies Inc. 2009. Economic Recovery: The World Looks to Us, the U.S. [Online] [Updated 14 July 2009]
Available at http://www.businessweek.com/managing/content/jul2009/ca20090714_083571.htm [Accessed 16 July 2009] | | [ Back to Top ] | | 18. Gearing up for the upturn through innovation | | SINGAPORE is facing one of the most protracted recessions in its history. According to the 2009 Budget, global manufacturing production fell by almost 20 per cent in the fourth quarter of 2008, while global trade and cargo volumes have also slumped. The nation's growth forecast has been revised downward to a chilling range of between -5 and -2 per cent. Minister Mentor Lee Kuan Yew noted recently that it was not inconceivable to have the Singapore economy shrink by 10 per cent if exports continue to fall sharply. | | http://business.asiaone.com/print/Business/SME%2BCentral/Prime%2BMovers/Story/A1Story20090415-135421.html | The McGraw-Hill Companies Inc. 2009. Gearing up for the upturn through innovation. [Online] [Updated 14 Apr 2009]
Available at http://business.asiaone.com/print/Business/SME%2BCentral/Prime%2BMovers/Story/A1Story20090415-135421.html [Accessed 16 July 2009] | | [ Back to Top ] | | 19. 10 Ways To Improve YOUR Economy | | Unless you rush out to spend your tax rebate check as soon as it arrives, there isn’t much you can do to help the U.S. economy. We just have to hope that, eventually, the government efforts will work. Until they do, we’ll be stuck “waiting it out”. While we are waiting, there may be hope for improving our personal economies. | | http://www.nextwave.org/economy/10-ways-to-improve-your-economy/ | Nextwave Finance. 2009. 10 Ways To Improve YOUR Economy. [Online] [Updated 6 Mar 2008]
Available at http://www.nextwave.org/economy/10-ways-to-improve-your-economy/ [Accessed 15 July 2009] | | [ Back to Top ] | | 20. Sustainability Still Key Success Factor For Manufacturers | | The global economic crisis might have taken a bite out of manufacturer's revenues, but to put sustainability efforts on the backburner in favour of more immediately impactful cost-cutting strategies might be detrimental in the long run, says Victor Tay, director of transport, logistics, environmental and engineering services at SPRING Singapore. | | http://www.marketing-interactive.com/news/13178 | LightHouse Independent Media Pte Ltd. 2009. Sustainability Still Key Success Factor For Manufacturers. [Online] [Updated 3 Jun 2009]
Available at http://www.marketing-interactive.com/news/13178 [Accessed 15 July 2009] | | [ Back to Top ] | | 21. Singapore's economy bounces back | Singapore appears to be emerging from its worst recession on record after the economy expanded at an annualised rate of 20.4% between April and June.
The rapid expansion compares with a revised contraction of 12.7% in the first quarter from January to March. | | http://news.bbc.co.uk/2/hi/business/8149069.stm | BBC News. 2009. Singapore's economy bounces back. [Online] [Updated 14 July 2009]
Available at http://news.bbc.co.uk/2/hi/business/8149069.stm [Accessed 16 July 2009] | | [ Back to Top ] | | 22. The 2009 Recession: Work-related depression | | More companies are expected to retrench employees in the year ahead. In these tough times, work-related depression is likely to be a growing problem at the workplace. If you're already feeling the recession blues, read on to find out how you can identify and tackle work-related depression. | | http://community.jobscentral.com.sg/node/770 | JobsCentral. 2009. The 2009 Recession: Work-related depression. [Online] [Updated 19 Jan 2009]
Available at http://community.jobscentral.com.sg/node/770 [Accessed 16 July 2009] | | [ Back to Top ] | | 24. Post-Crisis World | Six months have passed since investment bank Lehman Brothers ignited a firecracker of financial turmoil that plunged economies around the world into recession.
With no clear end to the crisis in sight, the business and banking worlds are undergoing painful transformations that have left their landscapes littered with the corpses of once great but now bankrupt enterprises. | | http://www.asiaone.com/Business/News/My%2BMoney/Story/A1Story20090323-130467.html | Singapore Press Holdings. 2009. Post-Crisis World. [Online] [Updated 23 Mar 2009]
Available at http://www.asiaone.com/Business/News/My%2BMoney/Story/A1Story20090323-130467.html [Accessed 16 July 2009] | | [ Back to Top ] | | 25. A-Z of the credit crunch | | AIG effect describes the heightened public scrutiny attracted by banks and companies that receive bailouts and then splash out on luxury staff trips and pay big bonuses. The phrase is derived from the American International Group, which has pocketed about US$180 billion (S$275 billion) from the United States government. | | http://business.asiaone.com/Business/News/My%2BMoney/Story/A1Story20090323-130457.html | Singapore Press Holdings. 2009. A-Z of the credit crunch. [Online] [Updated 23 Mar 2009]
Available at http://business.asiaone.com/Business/News/My%2BMoney/Story/A1Story20090323-130457.html [Accessed 16 July 2009] | | [ Back to Top ] | | 26. The 'big spenders' are getting smart | MALAYSIA - "People may have it in their minds that women are the 'big spenders', but that idea is out the door. More and more women are seeking financial planning advice and securing their assets.
"Malaysian women, in particular, are more career-minded and are becoming more financially successful. With that comes the responsibility of managing and organising those finances. This is a different breed of women who are highly independent.
"They are eager to learn about new products and are thorough in their investigation. | | http://www.asiaone.com/Business/News/My%2BMoney/Story/A1Story20090322-130203.html | Singapore Press Holdings. 2009. The 'big spenders' are getting smart. [Online] [Updated 22 Mar 2009]
Available at http://www.asiaone.com/Business/News/My%2BMoney/Story/A1Story20090322-130203.html [Accessed 16 July 2009] | | [ Back to Top ] | | 27. Is America Broke? | | The United States was once the largest creditor nation on earth, the envy of the world. Everyone wanted to come to America in search of the American Dream. Now, we are the largest debtor nation, and many question our leadership. | | http://marketoracle.co.uk/Article11707.html | Market Oracle Ltd. 2009. Is America Broke? [Online] [Updated 1 July 2009]
Available at http://marketoracle.co.uk/Article11707.html [Accessed 16 July 2009] | | [ Back to Top ] | | 28. Tent Cities in America: Signs of the Current Recession | | Tent cities are large encampments of people living in tents. These are homeless people who have lost their jobs and have no other options. Reminiscent of the Shanty Towns of the great depression, tent cities are an indication of the effects of the current recession. | | http://www.associatedcontent.com/article/1509795/tent_cities_in_america_signs_of_the.html?cat=17 | Associated Content, Inc. 2009. Tent Cities in America: Signs of the Current Recession. [Online] [Updated 25 Feb 2009]
Available at http://www.associatedcontent.com/article/1509795/tent_cities_in_america_signs_of_the.html?cat=17 [Accessed 16 July 2009] | | [ Back to Top ] |
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