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Here in Singapore, i don't see a real recession yet. Housing prices are down about 15-20% from the peak early last year without any apparent impact on the economy - most people don't dabble in real estate having had bad experience twice in 1997 and 2003.
New graduates, particularly the ones doing finance and banking are having great difficulties getting jobs though. I would expect things to really deteriorate later in the year, perhaps the second half.
Despite the scary export drop figures, fact is you don't find many jobless people here. Civil service jobs are rock solid, the government is preparing to soak up unemployed fresh graduates with an aggressive hiring campaign, particularly for teachers, a job still shunned by many local people.
New graduates, particularly the ones doing finance and banking are having great difficulties getting jobs though. I would expect things to really deteriorate later in the year, perhaps the second half.
Despite the scary export drop figures, fact is you don't find many jobless people here. Civil service jobs are rock solid, the government is preparing to soak up unemployed fresh graduates with an aggressive hiring campaign, particularly for teachers, a job still shunned by many local people.
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