Are you referring to this article?
Singapore?s economy: Downturn? What downturn?
Interesting theory on the time lag it takes to hit ordinary Singaporeans.
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Our back-of-the-envelope estimates suggest that roughly half of the economy is foreign. Interestingly, the parts of the economy that are currently in free fall — manufacturing and key parts of finance — are largely foreign. These activities boomed between 2005 and 2007 and have now collapsed. In the boom, they did not seem to boost the welfare of ordinary Singaporeans as much as the GDP growth numbers implied, and they are not hurting Singaporeans very much on the way down, either.
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But, this is not the entire picture. The very nature of the economy also suggests that the pain for ordinary Singaporeans is coming — but with a lag... But, falling consumer prices will raise the real cost of debt and increase stress on borrowers. Default rates will rise. In addition, falling rentals and falls in real estate prices across the world will also put downward pressure on real estate prices in Singapore.... The data on the Singapore economy could get less bad, but the welfare of ordinary Singaporeans will start to take a beating.
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But I see a current
upward pressure on property prices!