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Singapore headed for meltdown? Forbes article flawed: Experts

No bubble as economy is healthy, debt levels still low, say economists

Published on Jan 16, 2014 8:30 AM
 
Economists in Singapore have said an online Forbes article that argues that the country is headed for a meltdown is alarmist and flawed. -- ST FILE PHOTO: ALPHONSUS CHERN

Economists here have said an online Forbes article that argues Singapore is headed for a meltdown is alarmist and flawed.

They said property prices and debt levels have accelerated in recent years, but this does not mean the country is in a bubble or headed for a crisis.

Singapore's economy is diversified and still growing, unemployment is near zero amid a tight labour market, and loan levels remain low relative to asset values and savings, they added.

The article, published on Monday, predicted an Iceland-style meltdown for Singapore, drawing parallels between the two countries' large financial sectors and reputations as safe havens.

 
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