On April 28, Neel Chowdhury wrote in TIME that the economic numbers could hardly appear more horrible for Singapore.
Non-oil exports plummeted by 11 percent in March from the previous year, following even steeper falls the preceding two months. Since its 2008 peak the Singapore dollar has lost more than a tenth of its value against the US dollar, making it one of the worst performing currencies in Asia so far this year. And, if this drumbeat of economic gloom weren’t enough, the Singapore government has repeatedly revised its economic growth projections, growing more vigorously pessimistic with each try. It now expects Singapore‘s gross domestic product to shrink by up to 9 percent in 2009, which would likely be the sharpest contraction in Asia this year.
Then Chowdhury really rubbed it in. He said, “Numbers like these suggest Singaporeans are in a funk so deep only psychiatrists would be flourishing here.”
When the Thai baht collapse in 1997, Newsweek said that the only growth industry in Thailand was “suicide prevention”.
Chowdhury is a contributor to TIME magazine and has been covering business in Asia for FORTUNE and as a page one editor for the Wall Street Journal Asia for over a decade. Alright, I’m so darn impressed.
Born in India, he currently lives in Singapore.
I have a feeling he and his ilk are gloating over Singapore’s current difficult economic misfortune.
An ingrate biting the hand that feeds it? I mean, he lives in Singapore, right?
To borrow a line from Liam Neeson in Taken, Mr Chowdhury, I don’t know who you are, I don’t know what you want but I will look for you, I will find you, and I will buy you a drink because you’ve got balls, you sarcastic prick!