Recession or not?

 

Daily Dose: Recession or no recession?

If we were to ask you to buy a car 3 months back, you would probably think we are crazy. That was during the peak of Covid19 pandemic in Singapore where Circuit Breaker was introduced. 

Since then, while we do hear tales of retrenchment and loss of income, the pandemic did not strike everyone equally. Despite the gloomy outlook, stock markets stabilised, demand for housing increase and COE hit the year high. The last part is telling as it went even higher than pre Covid19.

Having been the financial industry for the past 2 decades, I had seen this scenario played out several times. From the Asian Financial  Crisis to the subprime mess to tech bubble burst. Every 'crisis' was the opportunity to get in the market if you are looking at the long term view. The economy tends to rebound stronger than before. 

Would the party ever end? Naysayers will say the end is near, reality seems to tell a different tale.

1) 93 new confirmed cases of Covid19

  • 85 Cases in Dorms
  • 6 imported cases(2 SC, 1 Work Permit, 2 Dp, 1 Student Past)
  • 2 Community (Work Permit )


Dorms cases continue as there are still about 16,800 serving quarantine. Imported cases are from India, UAE, China and Vietnam.

Source: MOH


2) 321 people who visit HomeTeaam NS Khatib KTV  contacted

293 of these was swabbed, 28 others will be swab. 193 test results are negative, 100 pending.

Source: Today

3) Millennium Hotels and Resorts axes 159 employees 

42 are foreigners.  It has reduced its foreign employee population from 520 to 329 — a 37 per cent cut — over the last eight months.

As a result, the firm’s proportion of Singaporean employees has increased from these measures — from 61 per cent in January to 69 per cent in August.

Source: Today


4) COE Prices increase to the highest level in 2020 for most categories except for Motorcycle

What recession?

Demands for cars remains unabated.

Source: TWD


5) All migrant worker dorms including standalone isolation blocks cleared of COvid19 

This does not necessarily mean that there are no more cases as 16,800 migrant workers are still under quarantine.

Source: Today


6) Sungei Buloh Nature park Network to be established, including new Lim Chu Kang Nature Park 

The Sungei Buloh Nature Park Network will comprise the Wetland Reserve, the Kranji Marshes, nature parks and eco-corridors, and nature areas such as Jalan Gemala and Kranji Reservoir. 

Source: CNA



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