re the valuable posting above---first country into recession.ha ha.
it is a small matter lah.Dear.
First our GDP has been growing really fast in the past years.
Recession is a comparsion of GDP growth on our own,not with other country.
Let say u can jump to 7.00 m and i 6.50m.
In the two consecutive trial jump,u clock 6.95m and 6.90m.Then u are in recession.
I clock 6.6m and 6.7m, or 6.7m or 6.6m .But i am NOT classified in recession.
the fact is u perform (or GDP grow)better than me.
So,it is damn stupid to define recession in this way.
No country can grow at the same speed forever.
secondly,Our GDP@PPP per capita is really high in the world,
eg 30% higher than Australia.
Si,it is damn peanut that other countries grow 1 or 2 % higher than SG
in one year.NO DEVELOPED COUNTRY grow FASTER THAN SINGAPORE.
We are growing at developing country,though SG is calssified
by IMF as emerging country!!
https://www.cia.gov/library/publications/the-world-factbook/rankorder/2004rank.html
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30 years ago,SG GDP per capita @ PPP is only a faction of OZ,for exapmle.
Now,SG is one third higher than oz!!Time make a country change.
Yes--CHANGE!!