Courtesy of The Singapore Business Review, a quote that says it all: “New technologies are not only disrupting traditional industries in Singapore -- a trend that Prime Minister Lee Hsien Loong said will force the economy to transform -- but also changing consumers’ behavior as they try to cope with rising costs and unemployment at a six-year high”.
Fitch further commented: “Macro-prudential settings are still tight, whilst high vacancy ratios, a slower pace of immigration, subdued economic conditions, and a weakening labour market are all likely to continue weighing on prices. Local interest rates are also set to rise from their current low levels, as the US Federal Reserve tightens policy. House prices are still likely to fall by another 2%-5% over the next two years."
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