Contrasting voices: The Internet and old media speak in conflicting languages, neither of them credibly yet.

Seah Chiang Nee

Nov 26, 2006

IN the real world, the economy is humming strongly, more jobs are being created than at anytime in the last 10 years, the stock market is near record high and so are high-end properties.The Singapore dollar has strengthened to around S$1.55 to the US dollar on speculation that economic growth would quicken, thus encouraging investors to put more funds in the city-state.

The sanguine mood is reflected on the streets. With the school holidays on, the crowds are out in force. At night, it is virtually impossible to get a cab in the city centre without prior booking.
Restaurants and shopping malls are full, and people are spending ahead of a hike in Goods and Services Tax from 5% to 7% next April.

Year-end festivals are a month away but a fairyland of lights already covers the kilometres stretching from Orchard Road and Bras Basah Road to Marina Bay.

While the mood is upbeat, the Internet world, however, is painting a very different picture. Here, the talk is of continued weakness, rising unemployment and people committing suicide. (Read more...)