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Singapore is like a huge construction site right now. There are road construction and subway construction everywhere, causing traffic congestion.
This is classic Keynesian economics, with public spending propping up GDP. If it weren’t for Taylor Swift and Coldplay, many people would have speculated that the economy would have gone into negative growth last quarter.
So where is the real economy? Every day I hear taxi drivers tell me that business is bleak and many can no longer afford taxi fares because they have been laid off. I hear worried parents say that their children who have graduated from university cannot find meaningful long-term jobs. I see with my own eyes the long queues of young Singaporeans waiting for the orders they are responsible for delivering. We also read that the vacancy rate in Changi Business Park is about 40%. I hear from real estate agents that many businesses have relocated to Johor Bahru, Kuala Lumpur and Penang because the costs there are much cheaper.
So, let us ask ourselves an important question: where is Singapore’s real economy now? Or has Singapore’s economy become hollowed out?
Lin Tian
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