Singapore residents 'stay positive'
01/05/09 13:50
Expatriates who made their home in Singapore are confident the country will bounce back from recession.
The government of the former British protectorate has predicted its economy will fall a further six to nine per cent this year, although traders remain upbeat, the Financial Times reports
Chris Churcher, owner of the Red Sea art gallery, told the paper: "We suffered a fall in business, particularly among expats, after the collapse of Lehman Brothers in September."
Although, he went on to note that the lack of expatriate trade was now made up by locals "who still have money to spend".
Singapore became a sovereign democratic nation in 1965 and remains a favoured expatriate destination for Brits and their families.
Many of the Brits forced out of financial jobs have simply changed jobs, a financial executive told the paper.
"A lot of people I know who have been laid off have decided to stay in Singapore and try to start boutique businesses since they see the prospects in the UK and US getting worse," they said.
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