Serious Balls Shrinked! Ah Loong - Recession May Hit Soon

[Pinkieslut]

Lee Hsien Loong: More challenges ahead as recession may hit 'within next 2 years'​

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Chia Han Keong
·Editor
Sun, 1 May 2022, 1:37 pm·4-min read


In this article:

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  Lee Hsien Loong
  3rd and current Prime Minister of Singapore

Prime Minister Lee Hsien Loong waves to the audience at the May Day Rally in Downtown East on Labour Day. (PHOTO: Nicholas Yong/Yahoo News Singapore)
SINGAPORE — Prime Minister Lee Hsien Loong said that Singaporeans must be prepared for more economic challenges in the year ahead, as there may be a recession coming within the next two years.
Speaking at the May Day Rally at Downtown East on Sunday (1 May), PM Lee said that the outlook for the post-COVID economic recovery has been clouded considerably by the Russia-Ukraine war.
"The government is doing all it can to cushion the impact on Singaporeans and alleviate the cost-of-living pressures," he said during his speech.
"But we must be prepared for more economic challenges in the year ahead. Inflation will remain high. Central banks in the developed countries are tightening their monetary policies, raising interest rates. Global growth will be weaker, and there may be a recession within the next two years.
"We have to face up to these realities."

Impact of war felt on cost of living​

PM Lee thanked the Labour Movement for providing vital support to workers and for keeping job losses down amid the COVID-19 pandemic.
However, with no good outcome in sight in the Russia-Ukraine war, Singaporeans are already feeling the impact of the war on the cost of living, amid the worldwide energy crunch and food supplies disruption.
"Given our small size, in world markets we are always a price taker, we have very little bargaining power. If the prices go up, our prices go up; if supplies are short, we are squeezed. We cannot avoid these global headwinds," PM Lee said.
"In the short term, government support schemes will help to share the burden fairly, and ease the hardship on households. But in the long term, this does not really solve the problem. We can share the burden, but the burden is still upon us.
"The fundamental solution to this is to make ourselves more productive, to transform our businesses, to grow our economy, to uplift everyone. Then our incomes can go up, and that can more than make up for higher prices of energy and food."

Certact Engineering CEO Ellis Eng with plastic parts produced by her firm. (PHOTO: Ministry of Communications and Information)

Pivoting businesses to capture new opportunities​

PM Lee believes that Singapore's tripartite partnership among unions, employers and the government is vital for the country to pull through during uncertain times and remain united and successful in the future.
Major policy changes have involved tripartite partnerships, such as the developments of the Progressive Wage Model and the COMPASS framework for approving employment passes.
PM Lee cited several examples of how union leaders and their partner companies are pivoting and adapting to the rapidly-changing economic environment, in order to capture new opportunities.
For example, precision engineering firm Certact Engineering saw an opportunity to pivot from producing metal parts for semiconductor manufacturers to producing plastic parts for medical equipment. It joined NTUC's Company Training Committee initiative to map out the changes necessary, and business has since doubled.
"I urge companies to nurture this strong partnership with the Labour Movement, and to encourage more workers, including PMETs and freelancers, to join the Labour Movement," PM Lee said.
"This is our best strategy to continue progressing together. In Singapore, unions are good for business. I should add, this being May Day in Singapore, that businesses are good to unions too."

Vital that NTUC remains a strong institution​

As Singapore emerges from the pandemic into a world altered by COVID-19 and threatened by significant global security challenges, PM Lee said the imperative for business and workforce transformation has never been stronger.
Hence, he said that the NTUC must remain a strong institution, working shoulder-to-shoulder with the government to secure the trust of the people.
"For us, change and transformation is an unending task, as we continually reinvent ourselves to maintain our place in the world," he said.
"But having fought COVID-19 together, we can be confident of overcoming these challenges, and making the most of all the chances that will come our way."

 

[red amoeba]

That’s his parting gift to blank cheque Wong. Also telling that blank cheque Wong is not his preferred heir.

 

[laksaboy]

The recession will be more like the Great Depression in the late 1920s.

When you see people jumping off skyscrapers in NYC, London and Shanghai, you know it's happening.

 

[mahjongking]

cheebye loong is ready getting to run road any minute, probably quietly moving his assets to some god forsaken island already
but he wont be able to escape karma, stroke waiting for him and the motherfucker will lay motionless for 30 years

 

[Pinkieslut]

The recession will be more like the Great Depression in the late 1920s.

When you see people jumping off skyscrapers in NYC, London and Shanghai, you know it's happening.

That is good news!

 

[shittypore]

Better feed my Kids with porridge and salted fishs or eggs. Hope Gahman no increase power x water bill, more so scrape the intended gst hike.

 

[A Singaporean]

No worry one. Just bring in more FTs to create good jobs.

 

[Cottonmouth]

Will he die before that?

 

[Willamshakespear]

Recession will be on a global scale, not just coz of RUSSIA war, but also climate change n the needs, which will be painful to mncs grown fat on it, to willingly mitigate. Such will be beyond our nation's control.

The best n brightest r in govt n had calculated a 2yr time frame for it to happen, so we do have time to prepare, by dealing with a danger on hand now - inflation

It will be based on philosophy of tightening belt - what must have, what is good to have, what need not have, on all levels of society to survive.

HOUSEHOLDS:-
Draw up such a list n spend accordingly, eg - basics - food, water, shelter, electricity, education, transportation, med, recreation

Biz - streamline reorg, find best n lowest societal n political sustainable costs

Shops - market study on customer needs, find cheapest resources worldwide online, etc. Raising prices or high rent areas r not solutions

Hawker stalls - sell delicious low cost food. Only the best survive. It is never the costly ingredients, hi price location, or ambience that makes a stall successful

EDB - The insignificant nobody me knows they with the best n brightest will know what to do. Much hopes lay on them

There is more, but can't possibly write all down here or that it will even be read by anyone.

We had been through inflation n recessions before for decades by being hardworking, courageous n smart. So too will we as a nation get through challenges ahead with hope n the same together again

That which did not kill us will only make us stronger, smarter n better, as proven by our national resilience since 1965...

 

[batman1]

Since he knew recession is coming,why he still want to increase GST in 1-1-23 and 1-1-24 ?

 

[tanwahtiu]

Lee Hsien Loong: More challenges ahead as recession may hit 'within next 2 years'​

• 
  
  
  
• 

Chia Han Keong
·Editor
Sun, 1 May 2022, 1:37 pm·4-min read


In this article:

• 
  
  
  
• 
  
  Lee Hsien Loong
  3rd and current Prime Minister of Singapore

Prime Minister Lee Hsien Loong waves to the audience at the May Day Rally in Downtown East on Labour Day. (PHOTO: Nicholas Yong/Yahoo News Singapore)
SINGAPORE — Prime Minister Lee Hsien Loong said that Singaporeans must be prepared for more economic challenges in the year ahead, as there may be a recession coming within the next two years.
Speaking at the May Day Rally at Downtown East on Sunday (1 May), PM Lee said that the outlook for the post-COVID economic recovery has been clouded considerably by the Russia-Ukraine war.
"The government is doing all it can to cushion the impact on Singaporeans and alleviate the cost-of-living pressures," he said during his speech.
"But we must be prepared for more economic challenges in the year ahead. Inflation will remain high. Central banks in the developed countries are tightening their monetary policies, raising interest rates. Global growth will be weaker, and there may be a recession within the next two years.
"We have to face up to these realities."

Impact of war felt on cost of living​

PM Lee thanked the Labour Movement for providing vital support to workers and for keeping job losses down amid the COVID-19 pandemic.
However, with no good outcome in sight in the Russia-Ukraine war, Singaporeans are already feeling the impact of the war on the cost of living, amid the worldwide energy crunch and food supplies disruption.
"Given our small size, in world markets we are always a price taker, we have very little bargaining power. If the prices go up, our prices go up; if supplies are short, we are squeezed. We cannot avoid these global headwinds," PM Lee said.
"In the short term, government support schemes will help to share the burden fairly, and ease the hardship on households. But in the long term, this does not really solve the problem. We can share the burden, but the burden is still upon us.
"The fundamental solution to this is to make ourselves more productive, to transform our businesses, to grow our economy, to uplift everyone. Then our incomes can go up, and that can more than make up for higher prices of energy and food."

Certact Engineering CEO Ellis Eng with plastic parts produced by her firm. (PHOTO: Ministry of Communications and Information)

Pivoting businesses to capture new opportunities​

PM Lee believes that Singapore's tripartite partnership among unions, employers and the government is vital for the country to pull through during uncertain times and remain united and successful in the future.
Major policy changes have involved tripartite partnerships, such as the developments of the Progressive Wage Model and the COMPASS framework for approving employment passes.
PM Lee cited several examples of how union leaders and their partner companies are pivoting and adapting to the rapidly-changing economic environment, in order to capture new opportunities.
For example, precision engineering firm Certact Engineering saw an opportunity to pivot from producing metal parts for semiconductor manufacturers to producing plastic parts for medical equipment. It joined NTUC's Company Training Committee initiative to map out the changes necessary, and business has since doubled.
"I urge companies to nurture this strong partnership with the Labour Movement, and to encourage more workers, including PMETs and freelancers, to join the Labour Movement," PM Lee said.
"This is our best strategy to continue progressing together. In Singapore, unions are good for business. I should add, this being May Day in Singapore, that businesses are good to unions too."

Vital that NTUC remains a strong institution​

As Singapore emerges from the pandemic into a world altered by COVID-19 and threatened by significant global security challenges, PM Lee said the imperative for business and workforce transformation has never been stronger.
Hence, he said that the NTUC must remain a strong institution, working shoulder-to-shoulder with the government to secure the trust of the people.
"For us, change and transformation is an unending task, as we continually reinvent ourselves to maintain our place in the world," he said.
"But having fought COVID-19 together, we can be confident of overcoming these challenges, and making the most of all the chances that will come our way."

Singapore can feed its pink IC citizens for 2 years.... so wealthy country won't suffer... PAP is a good gahmen.... God bless Singapore...

 

[melzp]

talk so much for what ?
Reduce yr cabinet n MPs allowance; then we believe you.
PAP is sucking the State coffers for their future 3-4 generations.
Do you really need so much $$$$ to live by in your own generation ?

 

[zeddy]

Yeah recession but Pappies still paying themselves millions and recession or not, CECA Kelings will still be on their way to Sinkapore.

 

[hbk75]

Recession is due to the reckless money printing in 2020. Now ppl and companies have borrowed so much until become fat pigs liao. When inflation causing them to tighten monetary policy then depression will come.

 

[LittleP]

When Covid hit, use Covid instill fear activate GE win. Now use Recession as another fear factor hoping to win big in next GE. But of course, many peasants will look up to him for salvation

 

[syed putra]

Such a vague statement.

 

[tobelightlight]

Very conveniently to blame the war. If they are so well deserve highly paid, Singapore would have immune to such external outcome but they can't do it.

 

[Pinkieslut]

Very conveniently to blame the war. If they are so well deserve highly paid, Singapore would have immune to such external outcome but they can't do it.

You think only PAP blaming the war for everything?

 

[zhihau]

Let’s raise the GST quickly to help the poor!

 

[mojito]

cheebye loong is ready getting to run road any minute, probably quietly moving his assets to some god forsaken island already
but he wont be able to escape karma, stroke waiting for him and the motherfucker will lay motionless for 30 years

Looong should stay on and guide the country through the stormy waters a head.