Slow day in the office today, business has been slowing down. More free time, thought I post some articles during the 08/09 global recession to show how bad the property market was heading before being rescued by QEs from major economies. Could be a useful reference if a new global recession hits us, history may repeat itself. Moreover the fall could be greater in a new global recession as Singapore's property prices and supply are now much greater than in 2008.
To understand how bad Singapore's economy was heading in the 08/09 global recession, please watch this http://www.youtube.com/watch?v=ie9SzMSkq5k and http://www.youtube.com/watch?v=DF91N...feature=relmfu. The PAP Govt was forecasting 9% contraction in 2009 for Singapore's economy, a long term recession and high unemployment. Fortunately Singapore was saved from the severe recession by FED's QE, ECB's LTRO and China's huge stimulus. But these central banks have already used most of their bullets in the last global recession and more QE increases debt which does not solve their fundamental economic problem of too much debt.