Friday, March 13, 2009

Expensive Singapore

Singapore is ranked the world’s 10th costliest city, according to a report published yesterday.

Analysts however alleged that our ranking is due to our relatively strong currency, rather than being truly reflective of the high cost of living in our country.

I am less concerned on our ranking in this ‘costliest city’ list than the real sentiments on the ground. Prices are high these days, however prices of utilities, food and transport will be seeing or have seen a slight drop due to the economic recession.

Should our costs of living rise further with no sign of breather, it would no longer be economically attractive for overseas MNCs to base their operations or businesses in Singapore. They will pull out their operations in Singapore and there might be a drop in the population of Singapore with a reduced number of foreign workers.

This may then ease the pressure of an increasingly populated Singapore.

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