A DECADE. That’s the frequently cited period for an average business cycle, which meant that we were overdue for a correction by 2020. With all eyes on the ongoing trade war and Brexit back in January, however, nobody guessed that a pandemic would precipitate the next global recession.
As COVID-19 continues to ravage public healthcare systems around the world, economic data is also trickling in to paint a grim picture. The unemployment rate in the US has reached Great Depression levels, while the Eurozone economy shrank by an annualised 14 per cent in the first quarter of the year. Even oil futures saw a freefall into negative prices for the first time in history. Singapore wouldn’t emerge unscathed either. The city state is expected to enter its worst-ever recession after forecasted economic growth for 2020 was revised downwards three times in just as many months. For now, Singapore’s economy is projected to shrink between four and seven per cent.
Weathering The Storm
Although every recession is unique, things really are different this time. Global demand has suddenly stalled, and with it the flow of goods and services. Businesses aren’t bearing the brunt of this storm evenly, of course. A few rare ones like Apple will ride things out with little difficulty thanks to their massive cash reserves. At the other end of the spectrum are shuttered businesses with no means of shifting their activities online. These are the ones most badly hit, and some have it even worse due to their respective industries’ cost structures.
هذه القصة مأخوذة من طبعة Issue 159 من August Man SG.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 8500 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة Issue 159 من August Man SG.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 8500 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
The Hamilton Rhapsody
Arguably The Most Popular Musical In Recent Memory, Hamilton Has Finally Debuted In Singapore. Of Course, We Have To Do Our Review In Rap/Verse.
Nobody Does Transportation Like The Swiss
In an exclusive with Augustman, Swiss Travel System CEO Maurus Lauber shares an inside look at the world's most reliable public transport network.
An Eye For Icon
The Synonym For ‘contemporary Interpretation Of Archival Emblems’ Might Very Well Be Kim Jones.
Leading The Conversation
Unveiled At This Year’s Watches And Wonders Geneva, The New Oyster Perpetual Cosmograph Daytona, With Its Lustrous Mother-of-pearl Dials, Adds A New Dimension Of Luxury To The Codes That Define The Daytona.
Merging Classic Cool With Cutting-Edge Innovation
Inspired by its 1963 racetrack origins, the new Carrera Chronograph embodies a legacy of speed and elegance, now reimagined for the modern man.
A Century Of Craftsmanship
Celebrating a legacy of luxury with Wes Anderson’s cinematic flair, Montblanc rediscovers the timeless elegance of its iconic Meisterstück fountain pen.
Forces Of Nature
Two strategically released pieces in Grand Seiko’s Watches and Wonders Geneva repertoire of novelties promise an exciting future for the Japanese Manufacture.
Let A Thousand Flowers Bloom
Roku Gin Sakura Bloom Edition invokes Japan’s cherry blossom festival exquisitely.
A NATIONAL TREASURE
THE AVERAGE SINGAPOREAN REMEMBERS DR. ONG KENG SEN FOR DIRECTING THE POPULAR 1996 LOCAL FILM ARMY DAZE, BUT THE CULTURAL MEDALLION LAUREATE IS NOW PLAYING A HUGE PART IN FACILITATING OUR SOCIETY’S MATURATION IN ARTS, CULTURE AND SOCIAL JUSTICE.
With Delicious Precision
THE MADE OF MAKERS CAMPAIGN by Jaeger-LeCoultre is a groundbreaking new campaign in which the Manufacture collaborates with artists and artisans from outside the world of watchmaking.