No debt disaster for Singapore
IN recent years, there have been many concerns expressed in the media about the level of debt in Singapore, especially for mortgage and credit-card borrowings. These critiques have relied on a few different ways to measure debt, but most have arrived at the same conclusion that Singapore's households have a debt problem or are on the way to one.
Some have taken Singapore's gross debt-to-GDP (gross domestic product) ratio and compared it to that of other countries. For example, if the United States had a gross household debt to GDP ratio of about 100 per cent in 2007 when the subprime debt crisis broke, then Singapore - where the ratio is 75 per cent and rising - must also have a debt crisis brewing, they say.
Others have raised the alarm based on concerns that Singaporeans' personal debts are growing faster than the overall economy, while personal bankruptcy filings and the loan default rate are also rising.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
SMEs
Singapore SMEs bring robots to China’s healthcare market
Singapore architectural firm wins US$28 million deal to light up Saudi theme park
Applications open for Emerging Enterprise Awards 2024, now in their 17th year
As airports expand, Singapore SMEs can tap opportunities
Sun rising for Singapore businesses breaking into Japan market
One in three Singapore SMEs expect AI to replace or take over jobs: survey