Today the S'pore Govt announced that this year Singapore Gross domostic product (GDP) is predicated to drop 6% to 9% instead of the earlier decline estimate of 2% to 2.5%. This reflect the continuing challenging environment business is operating and puts a lot of pressure on all to reduce cost or think out of the box to get revenue.
Manufacturing shrink 29% on year on year led by electronics, chemical and biomedical. Just earlier last year we are expected to go through 2009 with some hope. Looks like the hope is getting no-where as we enter the second quarter of 2009. And this is no longer a technical recession but a full recession (personal opinion)
Being the key purchaser/key decision influence of IT items be it equipment or maintenance of licenses to new IT projects, I will have to negotiate harder and smarter to ensure the budget if any, will be well spend on projects that will make the company stronger and in a better position to move ahead of its peers when the good times are here. Thankfully this cost reduction exercise has been ongoing since 2002 so there is nothing out of the ordinary. Just the intensity displayed.
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