Serious Balls Shrinked! Technical Recession Coming!

[Pinkieslut]

Singapore technical recession fears grow after output plunge​

Bloomberg
Tue, 27 June 2023 at 11:07 am SGT·1-min read

People exercise by the Merlion Park and Marina Bay Sands in Singapore, on Saturday, Oct. 8, 2022. Photographer: Ore Huiying/Bloomberg
By Kevin Varley and Low De Wei
(Bloomberg) — Singapore’s industrial output fell the most since November 2019, raising the risk of the economy slipping into a technical recession.
Factory production declined 10.8% from a year earlier in May, worse than the 7.3% drop predicted in a Bloomberg survey, marking the eighth straight month of contraction.

Output of electronics industry, which accounts for the largest weight in the city-state’s export-driven manufacturing sector, plunged 23% on the year, with semiconductors seeing the cluster’s worst drop.

Economists, including from Barclays Plc and Maybank Research, now expect Singapore’s economy to contract in the second quarter compared to the previous three months, enough to count as a technical recession after first-quarter’s 0.4% decline.
Earlier, Singapore had downgraded non-oil export trade growth this year to a drop of between 8% and 10% due to worse-than-expected performance in manufacturing. Although authorities then kept the full-year growth view unchanged at 0.5%-2.5%, Maybank’s Senior Economist Chua Hak Bin expects they will downgrade the forecast amid signs of persisting manufacturing downturn.

Bloomberg
In May, the Ministry of Trade and Industry had stated that it doesn’t expect a technical recession, although it noted that if that situation were to materialize it would be due to weakness in manufacturing and trade.

 

[k1976]

All is NOT Lost.

Important ish must have idea

 

[Pager]

Technical recession for Sinkies = more employment opportunities for FTrashes

 

[k1976]

Technical recession for Sinkies = more employment opportunities for FTrashes

Yeah...we need to be cheaper, better and fAster

 

[laksaboy]

It's already here, they're just trying to put a rosy spin on the situation.

 

[batman1]

Rental fees and property prices Up Up UP ! All The Way UP UP UP !!! The sky is the limit !

 

[Robert Half]

I never worry about all these recessions because I have enough money to survive for a long long time …

 

[oliverlee]

telling you but not helping you. meanwhile the fuckers just announced 0.3 months bonus for themselves. Recession kee lan

 

[ChinaCommunistSG]

It's already here, they're just trying to put a rosy spin on the situation.

Fake economy because coe and properties are up up up by money laundering syndicates

 

[A Singaporean]

Good news. Time to celebrate.

 

[red amoeba]

We r in a recession ever since 2022.

 

[ftan42]

just do a calculated amt $$$ and hangout to sinkkies to spend can avoid leecession

 

[Hypocrite-The]

Does that mean COE and property prices will drop?

 

[worcer]

not technical liao...

Now is serious depression soon...

 

[Loofydralb]

The recession must really be very bad that they are unable to massage the numbers into positive territory, unlike the previous 2 downturns.

 

[k1976]

https://www.straitstimes.com/busine...e-rising-inflation-and-higher-costs-of-living


No worries...keep calm keep huat la huat la

 

[k1976]

The recession must really be very bad that they are unable to massage the numbers into positive territory, unlike the previous 2 downturns.

Global markets quite illiquid... Unable to pull in more savvy UHNi tiong investors to kick the cans down the road....as tiongkok tanked

 

[k1976]

https://www.economist.com/finance-and-economics/2023/06/28/how-to-escape-chinas-property-crisis

 

[k1976]

Getting into Jinjiang Ode is a little difficult. The luxurious property development in central Chengdu will not allow potential buyers through its four-metre-high palatial gates without an appointment.

Even finding out about the project in the south-western metropolis, home to 16m people, is tricky. The firm behind it is so confident of demand that it does not deign to advertise the flats—a confidence which is not unjustified. Chengdu has a distinct, laid-back atmosphere epitomised by its public tea gardens, in which patrons spend hours sipping hot beverages and having their ears cleaned.

The leisurely pace of life and tongue-numbing local cuisine appeal to younger Chinese people, who have come in droves in recent years, says Zhang Xiaojun, a sales agent at the development. Many of them buy homes.

As a prolonged downturn in China’s property market takes hold, Chengdu seems to be an outlier.

By several metrics, including house prices and sales of new homes, it is faring better than almost anywhere in the country. At a national level, the central government’s response to the deepening property crisis, including an interest-rate cut announced on June 13th, has underwhelmed.

China’s benchmark stock index has fallen by 8% since its peak this year in early May, when the country still appeared to be rocketing towards a full post-covid recovery. Now investors fear more developers will start to fall short of cash, defaulting on dollar debts in the process. Experts are asking how much local measures can pump up growth. Chengdu is a good place to search for answers.

 

[k1976]

https://www.reuters.com/world/china...e-persistently-weak-years-goldman-2023-06-12/

Suddenly Tiongkok UHNI free money ATM machines grinded to halt...