It is not a secret that Singapore is experiencing sluggishness in its economic growth. But this does not mean that it is going down. The sluggishness was observed since 2010. People need not to worry though because despite its sluggishness, the labour market is continuing its full operations. According to MAS (Monetary Authority of Singapore), wages are inclined to grow sturdily.
On the other side of the coin, inflation is anticipated to stay high because of the rising business costs. Central Bank released its Macroeconomic Review on October 29, 2013 which highlighted the status of the manpower here in Singapore. The central bank said that the manpower will possibly become more confined. With this, it is important that you know how to cope up with the economy. Here’s how:
1. Do not lose hope. It is important that you do not lose hope or faith in the government. The economies of all nations have always been cyclic. This should give you hope because there will come a time that the wheel will turn.
2. Save for rainy days. The best way to protect yourself from slugging economy is to save more. You should learn that if times are hard, your surplus can make a big difference at the end of the day. Think of fall backs.
3. Pay your debts. To guard your credit position, you need to pay all debts. If you cannot pay them all, at least make it a point that every day, your debt is diminishing. The frequency of the pay varies.
4. Review budget/lifestyle. Knowing that the economy is slowing down, you should also think of slowing down your lifestyle or budget. It is always advisable to find ways to decrease spending.
Think of the economy as your wedding vow: for better or for worse. When the economy is better, you make good use of it but when it is slowing down, you should adapt knowing that it is temporary. Good luck and may the economy prosper!