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4D/Toto/Score
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Government lowers 2001 growth forecast from 0.5-1.5 % to around –3%
MINISTERIAL
STATEMENT ON 10 OCT 2001
|
FINANCE
MINISTER DR RICHARD HU & TRADE & INDUSTRY
MINISTER MR GEORGE YEO |
INTRODUCTION |
Finance Minister Dr Richard Hu and I have called this
Press Conference to discuss Singapore’s latest
economic results and our near-term economic prospects.
We are here to alert Singaporeans to a dramatic change
in the external environment. |
After the collapse of the dot.com bubble over a year
ago, the global economy was already slowing down. The
appalling attacks on September 11 and the resulting
train of events have probably tipped the global economy
into a recession. |
Before
September 11, we had hoped for an earlier recovery from
the economic downturn. We must now be prepared for a
much longer haul. |
EXTERNAL
ECONOMIC ENVIRONMENT |
The global economy is
experiencing its most severe synchronised deceleration
since the 1974 oil shock. Prior to Sept 11 (IMF released
this forecast on 27 Sep, but did not factor in the
attacks as the attacks were too recent to be analysed
fully), the International Monetary Fund (IMF) was
already estimating global economic growth in 2001 to
slow to only 2.6% (vs 4.7% in 2000), the fastest
deceleration in about 30 years. Many economists then
expected the US economy to begin its recovery in the
last quarter of 2001. Such hope has completely
evaporated after the terrorist attacks. |
Before
September 11, the US economy was already stagnating. Now
it is almost certain to slip into recession. The latest
Blue Chip Economic Indicators show 82 per cent of
economists polled believing that the US economy is
already in recession, up from 13 per cent in the early
September survey. |
Consumer
confidence and spending have fallen sharply in the last
month. This means that the main engine of US growth has
flamed out. The US Conference Board's consumer
confidence index plunged to 97.6 during the month of
September, the lowest level in five and a half years,
from a revised 114 in August. |
With
unemployment rate expected to hit the highest level in
more than a decade, consumer confidence is likely to
slide further. Even though the US Federal Reserve has
cut interest rates twice in less than 3 weeks, it may
not be able to counter the economic fallout in the US. |
More..... |
|
NEW WEBSITES
globalestate.com
The complete global resource for real estate offering property and
apartment listings, property news and a comprehensive website
directory.
fibroindia.com
Fibro
Group Of Companies - They are the leading manufacturers of Textile
Paper Tubes in India. They manufacture DTY, CORE, POY tubes of
super high quality. They export to Singapore too.
consult-singapore.com
They are an event management and training consultancy delivering
knowledge-based products to senior level audiences in the region. knapsack.net
backpacking and adventure travelogues by Singapore writer. home.pacific.net.sg/~ripclaw/
A body-art (specifically tattoo) site in Singapore. Great
tattoo at reasonable prices. With photos of tattoo done. TryItAsia.com
Bangkok, Singapore and Hong Kong restaurant guide for all people
who like to eat out.
eLibraryHub.com
More than 24,000 titles from the National Library Board's (NLB)
collection of e-books, e-magazines, CD-Roms and videos are now
available online at this website launched on 7 Sep 2001. It will
offer the content direct to home and office computers with an
Internet connection. Membership in the eLibraryHub is free.
DaisyShop.com
- women's couture resale - Very gently worn, women's authentic couture clothing and accessories, Vintage
and current, Chanel, Louis Vuitton, Gucci, Hermes, Valentino.
Airfrance.com.sg
is the website of the Air France airlines in Singapore, offers on
line booking, international flights schedules, frequent flyer
services, baggage tracking, and more...
World66.com is the open-source
travel portal. Interactive guides to hundreds of destinations,
including Singapore.
Wlawan.com
Singapore Lawyers - William Lai & Alan Wong. The firm is
privileged to serve you and prestigious Banking & Financial
institutions both local and foreign.
Click New Websites for the rest of the
list. |
BANKmates: Get a Personal Assistant to do your errands in
Singapore.
We are now 3122 pages thick and growing.
Public
Holidays DEEPAVALI
is
the next public holiday. It falls on 14 Nov 2001.
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|
Mozart
Missa In C
|
Hallelujah
Oratorio Society Annual Concert
|
Soprano:
FU Shang-Chen, Mezzo Sop: CHEN Hsin-An, |
Tenor:
Peter CHUNG, Bass: Samuel CHEUNG, |
Conductor:
LEE Chong Min |
Hallelujah
Oratorio Society |
Singapore
Bible College Chorate |
The
Philharmonic Chamber Orchestra |
|
7 Oct 2001 Victoria
Concert Hall 8pm
|
Tickets at S$21
& S$31 available at all SISTIC outlets. Booking hotline:
(65) 348 5555. Booking online: Click HERE!
Children under 6 years old will not be admitted. |
|
Porgy
And Bess |
The New York
Production
|
By George
Gershwin, Du Bose and Dorothy Heyward and Ira Gershwin |
28 - 30 Nov 2001
Kallang Theatre
|
Tickets at S$40,
S$60, S$80, S$100, S$120 are available at all SISTIC
outlets. Hotline: (65) 348 5555 or click HERE! |
See Entertainment for more information on
local
happenings!
|
|
The top ten fiction and
non-fiction titles sold at these bookstores last week
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