We share a 20-minute interview we did last month with Sébastien GRAVIERE. Originally from #France, he is a Partner in a #Singapore based Trust company –
This 20-minute conversation with Sébastien shows he’s optimistic. But here are my thoughts:
1. Singapore expects to lost 200,000 jobs. 60% of these are expats. Assuming there are 4 in a family that would be nearly half a million expats leaving. Singapore will become an Asian #financialcenter and less of a #Global financial center.
2. Singapore’s second-quarter GDP fell by 42.9% larger than the previously-estimated 41.2%. It marks the city-state’s worst ever quarterly economic performance on record, as manufacturing, construction, and services sectors took a big hit during the “circuit breaker” period.
3. The government now predicts full-year GDP to shrink between 5% to 7%, canceling out the growth generated in the last two to three years.
4. Several big companies like Resorts World Sentosa and Pratt & Whitney have announced layoffs, while 6,000 Singapore Airlines staff have taken no-pay leave since the pandemic began.
Derren is a part of an international tax team that works with 6, 7 and 8 figure International Entrepreneurs, Expats and Investors to legally minimize their global tax burden and protect their wealth. Strategies include second citizenships, second residencies, trusts, foundations, insurance wrappers and other offshore structures.
Economic Contraction in Singapore
We share a 20-minute interview we did last month with Sébastien GRAVIERE. Originally from #France, he is a Partner in a #Singapore based Trust company –
https://lnkd.in/gbeMvZR
This 20-minute conversation with Sébastien shows he’s optimistic. But here are my thoughts:
1. Singapore expects to lost 200,000 jobs. 60% of these are expats. Assuming there are 4 in a family that would be nearly half a million expats leaving. Singapore will become an Asian #financialcenter and less of a #Global financial center.
2. Singapore’s second-quarter GDP fell by 42.9% larger than the previously-estimated 41.2%. It marks the city-state’s worst ever quarterly economic performance on record, as manufacturing, construction, and services sectors took a big hit during the “circuit breaker” period.
3. The government now predicts full-year GDP to shrink between 5% to 7%, canceling out the growth generated in the last two to three years.
4. Several big companies like Resorts World Sentosa and Pratt & Whitney have announced layoffs, while 6,000 Singapore Airlines staff have taken no-pay leave since the pandemic began.
Table of Contents: Economic Contraction in Singapore
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