22 Jan '12, 4am

Gloomy economic outlook not stopping the spending ahead of Chinese New Year

When times look tough, it appears the tough spend. Hoteliers, retailers and hamper companies report that their sales this year have surged by up to 30 per cent compared to the same period before Chinese New Year (CNY) last year. This is despite economists' prediction of a gloomy year ahead. The outlook for the economy is dim, with gross domestic product (GDP) expected to grow by just 1 per cent to 3 per cent this year. Business operators think there may be several reasons for the busy tills. This year, the two days before CNY - Saturday and Sunday - coincide with the weekend. Some point to the Dragon Year as providing the fillip for the increased spending, with corporations dishing out gifts in hopes that this year will turn out well. Please enable JavaScript to view the comments powered by Disqus. blog comments powered by Disqus

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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