Consumer spending could also recover more quickly than in previous recessions
THE net worth of Singapore households has fallen only slightly from its peak last year and is still much higher than it was at the start of this decade, according to an analysis by a senior Citigroup economist.
This resilience in household wealth is one likely reason for property sales volumes and prices having rebounded strongly in recent weeks, and could mean that consumer spending here recovers more quickly than in previous recessions.
‘The strength of the household balance sheet probably explains to some extent the rally in asset prices, in particular housing, and may set the stage for a swifter recovery in domestic spending,’ Citi economist Kit Wei Zheng said in a report yesterday.
Mr Kit estimates that Singapore households had a combined net worth of just over $900 billion as at the second quarter of this year – down only Continue reading
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