An Important Speech for Singapore
Before I start, I want to proudly proclaim my love for the efficiency I witnessed yesterday at the Immigration and Check Points Authority (ICA), when I went to collect my son’s passport. Time in and time out = 19 minutes.
I am quite sure this must be another world record for Singapore.
It was a coincidence that, by chance, I read the papers today and felt like PM Lee was speaking to me.
I agree with him. Yet it sounds like a resigned speech. Sombre and pretty sobering.
It sounds like.
1. Growth will be slow
2. Increased migration is justified
3. Potential for future budget deficits
4. Strong SGD policy to continue for the purpose of attracting inflows to boost our foreign reserves
5. Military spending
It sounds like this will be more common.
“One 80 year old Singaporean dishwasher Madam He Jinyu (pinyin) was found dead in the toilet of ABC hawker center in Redhill where she has been working for the last six years.”
As they die off, replacement costs will increase and wages will be seeing strong growth.
The Old Singaporean
Auntie spotted picking beansprouts – on the MRT. Likely for the family meal.
The New Singaporean
Its hilarious !! Singapore aims to be top 5 in everything, I guess.
The Future For Singapore is Great
Singapore is turning into a mini-Switzerland and attracting wealthy internationals.
Now we have the richest woman in the world, Gina Rinehart, buying into Sentosa. Jim Rogers came, Eduardo Saverin came and more are coming.
“Mrs Rinehart is not the first Australian mining magnate to head to Singapore. Billionaire Nathan Tinkler of Whitehaven Coal recently put his plans for a $13 million beachfront pad in Newcastle on hold and moved his family to Singapore.”
Wisdom
I like the foreign reserves bit in the speech.
Like the country, we should also build our own personal foreign reserves. Because like the speech implies, we never know.
It is imprudent to put your eggs in your own basket and right now, the basket is getting pretty full.
Attracting talent and wealth to settle in Singapore is a necessity as we face the prospect of a global slowdown. That will buoy the country up as long as they remain. Singaporeans will benefit greatly from the inflow of money and expertise.
The downside is that competition increases. Gina Rinehart is going to need an army of maids not accountants for her life here. That is the reality.
For me, foreign reserves sounds like a good idea. Been toying with idea of investing in property abroad like I mentioned last week. Some place with water, food and natural resources.
Just thinking out loud.