Interesting that you divide the economy via locals & foreigners. How exactly are foreigners here affected by the downturn?
Most of us that are visibly affected are low income workers who have lost jobs or faced pay cuts. Mthly wages are only enough for expenses and could not accumulate huge savings to act as buffer if we loose their jobs or get pay cuts.
The high income earners are mostly affected in term of real $$, but they will still have enough to go about the usual lifestyle.. only their investements are affected. They will have no problems with common expenditure even if they have income for the next 6 mths... but of cos may require seeling investments at a loss...