Singapore heading for a recession?

I've been reading the news lately in particular starting from the U.S. subprime 'catastrophe' and finally, it's going to hurt Singapore too. Singapore largely depends on the U.S. economy and finally the 'subprime tsunamis' waves hit Singapore. Although, the impact was a bit slow to hit the European and Singapore shores but the people were already alerted of it's coming.

Although, I'm not a professional economist or anything like that but as a man on the street, I'm a bit worried. Time is already hard for the common man and with the U.S. dilly dallying on the rescue package it's not going to get better any time soon. Truly, the U.S. really need to learn from all that's been happening right now and maybe the rest of the world need to re-think their total dependency solely on the U.S. markets. Yes, the U.S. is the biggest pie you'll want but there's still other small pie that can be eaten and also it's a little safer then putting all your eggs in one bloody basket!

Singapore came through from the last recession and I'm just thinking that with Singapore strong stability and past profitability we might just get through it again. Our market are strong enough and the people will continue to work hard. Our engine are still strong and together as one people we'll get through it again. We did it before and with the Government backing we'll do it again. The government been all along advising the people to be ready and prudent and for those who had saved for the rainy day, that day has come for us to take out that umbrella!

All in all, although, I'm a little worried about the economy right now but I'm also quietly confident that we will get through it and come up a better country. We might be taking a bit of a knock but that could be good since, I think for a couple of years since the last recession people need to learn that life isn't going to be all glossy. There will be up and there will be down. And when we're up there, just remember to saved a little bit for a rainy day. You might need it.

The kids are getting a little fatter on the waist if you get what I mean. Ha ha!

So, hang on people, it's going to be a bumpy ride!

Good day and take care.