Page 261 - A Banker Down the Rabbit Hole

India was insulated from this crisis due to this economy not being so much
linked with Asian economies. Moreover, Indian currency was not freely
convertible on capital account and foreign debt was not dangerously high
as was the case with these Asian economies. I could have gone back to
India and found some job in private sector banks or financial sector as
there was no re-entry into public sector banks after exiting. I decided to
speak up my mind to them to know my status on future continuity for
the employment contract of three years.

I told the Chairman, "I have left the bank at the age of 46 to join this
company. I have sacrificed 14 years of my career with the bank.
Businesses can with stand ups and downs but employees can hardly cope
up like this. I had sought your consent to join here even during first
economic crisis. Under the current economic scenario, please clarify my
status of continuity till end of my three year employment contract with
you."

He told me, "You should not worry on this count. We shall honour our
contract. We are waiting for the crisis to wither. We shall utilize your
services." I slept so well that night.

Economic Recovery
The Singapore government implemented a host of measures in 1998 with
two key objectives: lower business costs and provide relief to individuals
and households. Some of these were in place until 1999 and others until
2000.

By early 1999, the Singapore economy had begun to show signs of weak
recovery. In the first quarter of that year, the economy returned to
positive growth, powered by a strong rebound in the manufacturing
sector. Retrenchments during the quarter also declined. The recovery was
sustained through the year and overall gross domestic product for 1999
grew by 7.2 percent, much higher than the government's initial forecast
of between-1 percent and +1 percent.

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