Darkness gathers.

These are unprecedented times we are facing. Minister Mentor Lee Kuan Yew made a forecast of -10% GDP for 2009. That was a downward revision from a -8% from PM Lee Hsien Loong announced just the day before. What does it say when the forecast changes every few days?

The EDC Conference held at Matrix@Biopolis today was a draining event. Somehow the atmosphere was darkened by the bleak explanations of sharp increases in inter-bank interest rates and how trade figures are dipping. Feedbacks from SMEs about how loans were difficult to obtain, and with equity even less conspicuous.

Somehow the Conference felt more like a forum for SMEs to vent their sorrows in the end, with the usual bashing of the policies that were formulated by SPRING. I cannot say that I disagree with all of them. Some of them had very valid viewpoints. I too, think that Singapore can tend to be too economically driven, to the extent that the social interests of the people are neglected. All too often we equate money and 'financial ability' with 'welfare', which certainly isn't the case.

Another argument heard was the feeling that Singaporeans don't feel special. That I disagreed with. Only now do I see that actually as citizens, we do have an advantage. There are so many government schemes that helps local SMEs, and so many schemes that bends towards citizens. If I were a foreign worker right now, I would probably be on a flight home.

The Chinese saying goes, "大难临头各自飞" or "The birds scatter when trouble strikes". How true! We see that in banks, we see that in businesses. Hopefully we will not see that in human behaviour as we go deeper into the darkness of the pit.

It was a depressing and tiring time. I pray we get out of this slump soon.