Tag Archives: forbes

PM LEE ON DEMOCRACY: ASIAN STATES MUST FIND OWN WAY

THE Western media may paint popular democracy as a good thing but politics operates in different ways in Asia, Prime Minister Lee Hsien Loong said yesterday. "If you look at the countries in Asia, you'll know these are complicated countries and they work in different ways. "Even when you have elections, the power structure, the politics, the government functions in different ways in these countries," he added.

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NEGATIVE OUTLOOK FOR SINGAPORE BANKS: MOODY’S

MOODY'S Investors Service said on Wednesday that it had a negative outlook for banks in Singapore, on the back of rapid loan growth and the surge in home prices. Moody's said credit quality in Asia had "generally peaked". It put out a negative outlook for banks in India and Vietnam as well.

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Former Ministry of Finance Director Dismisses Forbes Article

There is one argument from the article that is worth highlighting and which I mostly agree with. And that is booms which are led by real estate development and the financial sector are mostly illusory. They create the impression of economic dynamism without creating any real productive capacity in the economy (think back to Bangkok, KL and Jakarta just before the Asian crisis). They also distort and re-direct resources away from productive activities. Real estate and finance are inherently distributive, not creative, activities – they move money and wealth around, but they don’t lead to any productive capacity and technological capabilities for the economy.

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MAS refutes Forbes.com article on imminent meltdown

The Monetary Authority of Singapore (MAS) today (Jan 14) rejected suggestions that a credit bubble was brewing in the Republic, after an article published on Forbes.com predicting an imminent meltdown of Singapore’s economy went viral. In response to media queries, the MAS reiterated that Singapore is not facing a credit bubble that puts the country or its banking system at any risk of crisis. It added: “Serious observers and investors are not in doubt about the country’s financial health.”

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Why Singapore’s Economy Is Heading For An Iceland-Style Meltdown

Singapore’s unemployment rate is a mere 1.8 percent even as the country’s red hot construction sector has been attracting overseas workers, and a growing number of wealthy citizens are hiring domestic helpers from neighboring countries like the Philippines and Indonesia. The ranks of Singapore’s wealthy are growing rapidly thanks to the country’s asset bubbles, which is helping to fuel a luxury consumption boom in everything from high-end apartments to exotic supercars.

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