You've probably heard your fair share of how Singapore is going through dark times with its economy slowing down. Just to reiterate this serious matter, the Monetary Authority of Singapore (MAS) in its latest analysis and assessment of macroeconomic workings that affect our economy, indicated that ‘an outright recession is unlikely' though we all should brace ourselves for a darker gloom cloaking our economy.
If you haven't heard, here are 13 jobs in Singapore whose earnings have taken a hit. We sure hope you're not the ones affected, of course. Nonetheless, we at GET.com have compiled this list of 4 signs that suggest that Singapore is indeed facing an economic gloom.
4 Signs That Point To An Economic Gloom In Singapore
1. Dwindling Trade Numbers
Even if you aren't trained in economics per se, you're probably well aware that trade makes up part of our GDP. So, you know it's bad news for export-driven Singapore when our non-oil domestic exports (NODX) numbers in Singapore dipped to their lowest ever in 3 years - March's 15.6% decline was more dire than the expected 12.3% fall economists had forecasted.
2. Ailing Real Estate Market
You can't blame Singapore's property market for being lacklustre when investors are becoming more cautious of where they park their money. This is especially true in a tepid business environment that is unfortunately exacerbated by cooling measures like the Additional Buyer's Stamp Duty and Total Debt Servicing Ratio.
Back in February 2016, Mr Shanmugam mentioned that the ministers may relook these policies when the time is right, and when the risks are more manageable. Normal people like us, obviously won't know when exactly that will be.
For those who haven't already heard, both rental and resale home prices have plunged for non-landed private homes in Singapore. And recent data released by the Urban Redevelopment Authority signaled that prices of private residential properties dipped by 0.7% in Q1 2016. That's not all - we've also reported that you can now rent a condominium for almost the same rental price of an HDB.
Besides, the ailing property market doesn't just affect property agents, mortgage specialists, lawyers who specialize in conveyancing, investors, homeowners, those who depend on rental income for a living but also everyone in the industry including architects and engineers.
3. Proliferation Of Vacant Malls
Singaporeans love shopping. Need some evidence to convince you? Here are 13 shocking statistics that seal Singaporeans' love for shopping. But when malls are becoming more and more vacant by the second, you know something isn't right.
Also, you wouldn't be surprised that more and more brands are leaving Singapore's incredibly tough retail scene, right? The above mentioned piece of fresh news highlighted the fact that the number of empty shopfronts are creeping up steadily no matter whether they're in our renowned Orchard Road shopping belt or the Marina Bay area.
4. The News Keeps Underscoring That Our Economy Is Gloomy
If something isn't news-worthy, it isn't. So when the news keeps putting our gloomy economy in the spotlight almost every single day right now, we know our economy isn't performing as well as all of us would have liked.