The Ringgit Slide is Not Necessarily Good

RinggitsSince Monday we’ve heard that for every Singapore dollar we could get something like three Malaysian Ringgits.

People are saying “Good, good” and planning their trips to Johor Bahru.

Their happiness will be short-lived.

Malaysia will soon raise prices.

And if more Singaporeans are flocking to Malaysia to spend money, the Singapore economy will be hit.

Plus there are repercussions in more ways than one. Fewer Malaysians visiting The Great Singapore Sale, for instance. More Singapore cars in JB being stolen perhaps. Singaporeans with fat wallets being robbed in JB maybe.

Prosperous neighboring countries doing well is better than Singapore being economically strong in a sea of impoverished neighbors. Remember once when Indonesia was in deep shit and Mount Elizabeth hospital had to shut down an entire wing as a consequence? There goes our medical tourism!

But people don’t think that way – they just go across the border and instead of having one-hour massages, book three-hour massages; and then stuff their faces and then go shopping.

Not sure it’s a good thing. It’s actually quite worrisome, actually.

I am no economist; I’m just a cranky loudmouth, but I have a bad feeling about this.

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