International Business & Economy S'pore only Asian economy to contract?

S’pore only Asian economy to contract?

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By: Leong Sze Hian

I refer to the article “Singapore is only Asian economy to suffer contraction in nominal GDP in Q2: BNP Paribas” (Straits Times, September 27).

It states that “Unlike real , nominal GDP is economic output at current without adjusting for inflation.”

Deflation – Nominal GDP matters more?

This may arguably be rather alarming, since we are in a deflationary cycle and what really matters to Singapore and in terms of what we earn and spend is the nominal GDP.

Despite liberal foreign & immigration policies?

What may be interesting to note is that the above is despite our continuing liberal foreign labour policies (employment change of only 0 local jobs against 49,000 foreign jobs in the last 18 months), and immigration policies (20,815 new citizens against 13,085 Singaporeans last year).

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