Bloomberg predicts a -10% shrinkage of the Singapore economy due to deepening falls in export volumes to the US...

Link is here: Singapore Projected to shrink by 10% in 2009 by Bloomberg News

Its projection is also 5 times worse than MAS' prediction. But again, looking at how MAS had to revise 3 times for their projection, I don't trust them as much as the analysts working for and working with Bloomberg, a reliable business news channel.

In my opinion, we have to be prepared for the worst, and not sugarcoat reports with the false intentions to mislead people that this, one of the worst since the Great Depression, is actually a minor one when its not.

This also is serving a notice to Mr. Albert Tye who wrote to ST, saying that the recession is not serious and thus we can ride it out. I understand his concerns about using the reserves, but the main goal here is to stem the tide of this serious recession that will hit us at -10% for 2009.

This is also a warning to Mr. Lim Swee Say, who insists that the Job credit scheme will save jobs. President Obama scrapped his own plan- he thought of this idea first, and not Tharman's civil servants- for a good reason. And we worry that this Job Credit scheme is merely political pork money. Lim Swee Say thinks he's such a smart guy, but again, I think he's being overly intellectual, but not street wise to realise that there's more factors at work here than he knows.