On Friday 12 April the Ministry of Trade and Industry (MTI) put out a press release headlined “Singapore’s GDP Grew by 2.7 Per Cent in the First Quarterof 2024″. The report went on to say that “Based on advance estimates, the Singapore economy grew by 2.7 per cent on a year-on-year basis in the first quarter of 2024, faster than the 2.2 per cent growth in the previous quarter.” However in the next sentence MTI says “On a quarter-on-quarter seasonally adjusted basis, the economy expanded by 0.1 per cent, extending the 1.2 percent expansion in the fourth quarter of 2023. So, in contradiction to what MTI said in the first sentence, the economy actually lost momentum and slowed down considerably in the first quarter. In fact, if it hadn’t been for the Taylor Swift concerts, won by probably paying far more than has been claimed and at the cost of upsetting ASEAN neighbour Thailand (which will likely try to emulate Singapore’s bribery next time triggering a competition that can only benefit Taylor Swift and other artists), and other headline events, economic growth would probably have been negative. On a quarter-on-quarter basis, accommodation and food services grew by 2.2% while goods producing industries fell by 2.4% and financial services by 4.2%.

MTI’s misleading presentation was quickly picked up by state media. CNA’s headline said that “Singapore’s economy grew at faster pace of 2.7% in Q1 of 2024: Advance estimates”, magnifying the falsehood. CNA doesn’t mention the fact that growth was slower on a quarter-on-quarter basis than in the previous quarter. Singaporeans might be misled into thinking that growth is speeding up rather than slowing down.

This illustrates why we need an independent Statistics Office, not one which is under the control of the Minister and the PAP. I have repeatedly called for one. Please see my previous article from 2022, More Fake News From LHL’s Re-Election Team at His Personal Statistics Department and Media Monopoly If there was even a pretence that POFMA was an objective law then MTI and state media would receive Correction Notices from an independent body. But of course the PAP Government won’t because the whole purpose of POFMA is to leave the PAP unimpeded in its sowing of disinformation using its media mouthpieces which are brazenly paid for with state funds while deterring criticism and allowing them to escape accountability by instilling fear in Singaporeans. Forget truth and objectivity. The sole function of state media is to re-elect the PAP and keep them in power forever. As the election draws closer no doubt the disinformation and misleading presentation of statistics will only intensify.

Published by kjeyaretnam

I'm a Singaporean economist who became an opposition activist. I blog to provide an alternative to the porkies that the Pinkies tell. It just so happens that my alternative is the truth. That's why I've never been sued in any civil or criminal court no matter how hard hitting my criticism. I'm quoted and interviewed and asked to speak across the world but largely censored in Singapore in an effort to silence my political opinions. The left hate me because they think I split their vote and because I eschew their outmoded economic models. Models that don't work. The Right and the Conservatives hate me because I'm a liberal. I'm not sure what the middle think of me. I don't think there are more than a handful of people in the middle, here in Singapore. I'm a Singaporean born and bred, dual heritage, my parents Singaporean established here before the State of Singapore was created. I'm not Eurasian. I read economics at Cambridge and could be broadly described as from the Keynesian school but I believe in interventions. I was formerly a successful hedge fund manager. After economics and politics my greatest interests are history, film and Makan. I run but I run so I can eat like a Singaporean. View all posts by kjeyaretnam