Should I be worried about an economic recession and retrenchment in Singapore?

Personally, is definitely normal to be worried.

Looking at the worse case scenario of recession and large scale retrenchment, the following industries will be hit hard.

Retails shops

Food and Beverage

Banks

Tourism

Arts

Music

Fashion

Transport

Oil and Gas
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Recession is pretty much 100% guaranteed. The situation now is similar to war, without the firepower. Where borders are closed and travel is limited and people stocking up on food.

You should worry if your cashflow is sensitive to economic fluctuations. But if it’s guaranteed, such as having robust cashflow streams, this is a time of a golden opportunity to buy assets for cheap.