The news is official – Singapore is in an economic recession after witnessing two consecutive quarters of GDP contraction. Compared to the same period last year, Singapore’s GDP contracted by 12.6% in the second quarter (Mar-Jun 2020). Earlier this year, Ministry of Trade & Industry (MTI) projected a GDP contraction ranging from -7% to -4% for the entire 2020. It would be the worst GDP contraction we have ever experienced since independence. We are really on track to achieve that estimate. This means that we should expect more retrenchments and business closures when the government’s financial support begins to wane for the remainder of the year. If you have been more observant, you could have seen that Singapore GDP growth rate has been declining steadily since 2010. Is there a chronic problem that’s plaguing our economy? The Singapore’s stock market returns are pretty discouraging too. The blue chip Straits Times Index (STI) has a negative return of...