Singapore Sees Economy Growing 15Pc

[interestrateripoff]

http://www.telegraph.co.uk/finance/financetopics/financialcrisis/7889122/Singapore-sees-economy-growing-15pc.html

Gross domestic product for April through June grew 19.3pc from a year earlier when the economy was shrinking because of the global recession, the Trade and Industry Ministry said Wednesday.

The growth was the fastest since the government began releasing quarterly GDP figures in 1975.

The ministry raised its forecast for the city-state's economic growth this year to a range of 13pc to 15pc from the previous forecast of 7pc to 9pc. It also raised its forecast for export growth as global demand has stayed strong amid Europe's debt and fiscal crisis.

"This should reinforce the view that fears from the eurozone crisis may be exaggerated," DBS bank said in a report.

Singapore, which has the highest percentage of millionaires in the world, is the first Asian economy to announce GDP results for the April-to-June quarter. The tiny island nation is often seen as a barometer of world demand because its economy - built on manufacturing and services like finance - is one of the most export-reliant in Asia.

Manufacturing in the April-June quarter recorded explosive growth of 45.5pc compared with a year earlier.

........

The ministry revised first-quarter GDP growth to 16.9pc from 15.5pc. The second quarter results were preliminary, based on data from April and May. On an annualized and seasonally adjusted basis, the economy grew 26pc in the second quarter.

The economy will likely slow in the second half of the year as the US and Europe battle high unemployment and fiscal austerity measures.

One hell of a bounce.

Just think how much it would have been if they had QE'd and deficit spent like the UK, they too could be looking at an impressive 0.3% too....

[TheCountOfNowhere]

I know a few "financial" people in London.

They've all been moving to Singapore !!!

There bounce is probably financial based.

If it is....they are storing up REAL trouble.

[Guest Noodle]

I know a few "financial" people in London.

They've all been moving to Singapore !!!

There bounce is probably financial based.

If it is....they are storing up REAL trouble.

A few on here were talking about this a year ago, parasitic migration to a new Asian host.

They won't last long here . . . they'll be finding bits of them spread throughout jungles, washing up on beaches.

[pablopatito]

I'd love to move to Singapore. Anyone know what the expat IT jobs market is like out there at the moment?

[Gone baby gone]

parasitic migration to a new Asian host.

Excellent summary.

[JustYield]

Excellent summary.

Excellent.

[quine]

I'd love to move to Singapore.

Why ?

[pablopatito]

Why ?

I've never been there, but it seems clean, dynamic, decent schools, good food. I dunno, I'd just like to live there for a few years. Why not?

[quine]

I've never been there, but it seems clean, dynamic, decent schools, good food. I dunno, I'd just like to live there for a few years. Why not?

When I told people I was coming here I was told I was lucky because it was "clean and safe". Don't know about you but those two don't sell a place to me. If they'd said it was full of history, culture and with beautiful countryside then I might have been interested. The truth is it's a soulless metropolis where money rules - Dubai on a good day. There is greenery if you look hard enough but the humidity here makes it extremely difficult to walk outside.

I do think the "good food" thing is another fallacy. I've tried from hawker stalls to the "top" restaurant (corporate entertainment) and been disappointed - and don't get me started on service!

Upside - a good airport hub to escape (and the locals are friendly)

[DisQ]

credit to Jim Rogers he made the right choice few yrs back by transferring his bsuiness there

he has been saying 21st century is Asian/ Chinese as we in the west plung in great depression Asia rises.

[JustYield]

When I told people I was coming here I was told I was lucky because it was "clean and safe". Don't know about you but those two don't sell a place to me. If they'd said it was full of history, culture and with beautiful countryside then I might have been interested. The truth is it's a soulless metropolis where money rules - Dubai on a good day. There is greenery if you look hard enough but the humidity here makes it extremely difficult to walk outside.

I do think the "good food" thing is another fallacy. I've tried from hawker stalls to the "top" restaurant (corporate entertainment) and been disappointed - and don't get me started on service!

Upside - a good airport hub to escape (and the locals are friendly)

I'd just like to point out that it is no more difficult to walk outside in Singapore than in the Cotswolds. It's a wee bit hotter and you might perspire a bit. I walk everyday, often in the beautiful botanic gardens with my kids (when we're not going swimming - outdoors of course).

It's a city state in the tropics, what exactly did you expect? Yes there's good and bad things about living here, but you seem to have a very one-sided view. How long have you been out here?

[gus]

http://www.telegraph.co.uk/finance/financetopics/financialcrisis/7889122/Singapore-sees-economy-growing-15pc.html

One hell of a bounce.

Just think how much it would have been if they had QE'd and deficit spent like the UK, they too could be looking at an impressive 0.3% too....

Looks good until you realise it's largely down to the recent opening up of casinos that are attracting fenzied hords of Chinese gamblers from the mainland and Indonesia. When the likes of Tommy Suharto can regularly gamble and lose a million bucks a night, without blinking an eye ,you're on to a good thing. And there are a lot of Tommys in this region.

[gus]

When I told people I was coming here I was told I was lucky because it was "clean and safe". Don't know about you but those two don't sell a place to me. If they'd said it was full of history, culture and with beautiful countryside then I might have been interested. The truth is it's a soulless metropolis where money rules - Dubai on a good day. There is greenery if you look hard enough but the humidity here makes it extremely difficult to walk outside.

I do think the "good food" thing is another fallacy. I've tried from hawker stalls to the "top" restaurant (corporate entertainment) and been disappointed - and don't get me started on service!

Upside - a good airport hub to escape (and the locals are friendly)

In complete agreement......money money money.....yawnnnnnnnnnnn.

[quine]

I'd just like to point out that it is no more difficult to walk outside in Singapore than in the Cotswolds. It's a wee bit hotter and you might perspire a bit. I walk everyday, often in the beautiful botanic gardens with my kids (when we're not going swimming - outdoors of course).

It's a city state in the tropics, what exactly did you expect? Yes there's good and bad things about living here, but you seem to have a very one-sided view. How long have you been out here?

Been here about 6 months and have to laugh about it being no more difficult to walk than Cotswolds . Perspire a BIT wouldn't be bad, but I look like I'm entering a Miss Wet T Shirt competition sometimes. I too walk everyday but first thing in the morning and even then after less than 5 minutes I'm sweating profusely.

I agree I perhaps am a bit one-sided about the place but I really don't understand people who enfuse about Singapore. As you say it's a city state in the tropics and an extremely expensive one at that. Suppose I've been a bit spoilt as I've previously lived in several wonderful European cities and always enjoyed the outdoors countryside life at the same time. As you'll know they pull down old buildings here to make new for the latest high-rise and that also makes me sad.

Swimming outdoors mmm..I love swimming in the seat but where there are no beaches (please don't tell me Sentosa has a beach).

I'm here for a reason (work) and will enjoy the experience as much as possible for the year or so left here.

[quine]

Looks good until you realise it's largely down to the recent opening up of casinos that are attracting fenzied hords of Chinese gamblers from the mainland and Indonesia. When the likes of Tommy Suharto can regularly gamble and lose a million bucks a night, without blinking an eye ,you're on to a good thing. And there are a lot of Tommys in this region.

Ah that explains it. It did seem strange because when I ask shop assistants they all seem to say the shops have been quiet with people not spending very much.

[tomandlu]

The truth is it's a soulless metropolis where money rules - Dubai on a good day.

We're talking a good 25 years ago now, but I did a working tour of the far east and middle east*. Some places were a lively hell, some places a sort of heaven, but Singapore was like entering purgatory...

* dubai at the time was quite fun - rather rogueish. It's obviously gone a bit pear shaped since then...

[JustYield]

Been here about 6 months and have to laugh about it being no more difficult to walk than Cotswolds . Perspire a BIT wouldn't be bad, but I look like I'm entering a Miss Wet T Shirt competition sometimes. I too walk everyday but first thing in the morning and even then after less than 5 minutes I'm sweating profusely.

I agree I perhaps am a bit one-sided about the place but I really don't understand people who enfuse about Singapore. As you say it's a city state in the tropics and an extremely expensive one at that. Suppose I've been a bit spoilt as I've previously lived in several wonderful European cities and always enjoyed the outdoors countryside life at the same time. As you'll know they pull down old buildings here to make new for the latest high-rise and that also makes me sad.

Swimming outdoors mmm..I love swimming in the seat but where there are no beaches (please don't tell me Sentosa has a beach).

I'm here for a reason (work) and will enjoy the experience as much as possible for the year or so left here.

It takes a few years to get used to the heat and even then when I walk into a shop from the street the assistant will ask "Wah, you so hot. Damn hot today right?".

It's not perfect and it is expensive now. I arrived in 2005 and that made all the difference to my perceptions. I don't swim in the sea, I tried windsurfing once and got oil all over my shorts and top so yes, that's a negative I'll grant you.

[Dave Spart]

Folks, I lived in Singapore until recently and yes I will going back there eventually. Tomorrow infact.

No surprise to hear this news. Singapore's GDP fluctuates wildly, far more than the major Western industrialised nations.

It may have have risen 15% but it also fell by similar amounts when the crisis broke.

It's a tiny country with no resources of its own except it's people and as such it depends almost exclusively on trading with the rest of the world.

Even if living standards fell 50% it would still be a better place to live than the UK IMO. True wealth is not just measured in terms of GDP.

[Dave Spart]

I'd love to move to Singapore. Anyone know what the expat IT jobs market is like out there at the moment?

If you have C++, C# Excel, SQL type skills there's a good chance of an investment bank job.

Try www.jobsdb.com.sg among others.

Me? I'm a Prophet programmer - that is unless my meeting with E.ON UK goes well next month, in which case I shall be going into business supplying them with my little invention.

Edited July 15, 2010 by Dave Spart