It’s official. Singapore is in recession, or “technical recession” to be precise.
After 2 consecutive quarters – i.e. Q2 2008 and Q3 2008- of economic contraction, our economy is now in what economists call a technical recession. For the past 2 quarters, we achieved negative growth.
As with all recessions, expect to witness more retrenchments, business downsizing, fire sales of cars and condos, housing foreclosures, and the like.
Hopefully we also get to see lower prices, and not the opposite.