08/12/2008
"Reducing the SG actually improves the Government’s Budget position, because the increased wages would be taxed at a higher rate," Cole said.
"Yes, you do get a short-term reduction in the level of national savings but in the context of this crisis, that is probably an acceptable price to pay to avoid a major recession."
The full text of the economists’ open letter can be read here.
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Some investors are “missing the point” of geopolitical risks by equating them to the disruptions from conflicts and wars, according to GIC chief economist Prakash Kannan, but in reality, geopolitical risk is no longer episodic or peripheral. This means investors need to think harder about inflation and country composition in their portfolio.
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