Singapore's economy suffered its biggest contraction since the financial crisis during the first quarter as the coronavirus pandemic escalated, data showed Thursday, an ominous sign of the devastation being inflicted on the global economy.The finance minister meanwhile announced SGD48 billion (US$33 billion) in fresh stimulus, taking to about SGD55 billion the amount so far pledged by the government to help the export-reliant financial hub weather the downturn.One of the world's mos
Rapid technological transformation is changing the world economy, and along with it, the economic landscapes of ASEAN member states. Wealth creation through human knowledge and creativity is steadily outpacing the wealth creation from natural resources.
Southeast Asia’s been home to almost half of the biggest growth drivers in the past half-century. To keep investors interested, it’ll have to make the right moves across technology, education and infrastructure, according to Diaan-Yi Lin, a senior partner at McKinsey & Co.Among 71 developing economies of the past half-century, 18 are responsible for the lion’s share of growth, with eight of those within Southeast Asia, a September McKinsey report showed.
The Association of Southeast Asian Nations (ASEAN) and the Great White North go way back – 41 years back to be exact.Last year, both ASEAN and Canada marked 40 years of dialogue relations and expressed confidence in a relationship that would hopefully continue to shape “a better, safer, and more prosperous world” for its peoples.Enduring benefits of ASEAN-Canada dialogueCanada first became an ASEAN dialogue partner in 1977.
Indonesian President Joko Widodo has declared war on inflation, with a series of pre-emptive strikes designed to woo voters. The potential casualty: his zeal for economic reform.While price pressures are relatively benign in Southeast Asia’s largest economy, Widodo is leaving nothing to chance as a long election campaign draws near. He’s slapped controls on fuel costs and ordered additional imports of various staples from salt to buffalo meat.
A pile of rusty pipes and materials are all that remain of Lanzhou New Area’s tram project. Only a year ago it was a flagship public-private partnership for the planned city in Central China, before it fell victim to President Xi Jinping’s debt clampdown."The project is dead," said a guard at the office, who gave only his surname, Le.
The United States, Europe, and Japan are all making positive economic strides. In the US, the unemployment rate is falling, and now stands at just over 4%. Unemployment remains high in the eurozone, at close to 9%, but that still represents significant progress from the past decade or so.
Singapore raised its economic growth forecast for this year to 3 percent to 3.5 percent after third-quarter data beat projections on the back of stronger exports and manufacturing.Highlights of GDP Report Gross domestic product rose at a seasonally adjusted, annualised rate of 8.8 percent in the third quarter from the previous three months, higher than an earlier estimate of 6.3 percent Median estimate of nine economists in a Bloomberg survey was for 7.8 percent gain GDP increased 5.2 percent
Indonesia needs to boost government revenue to win a credit rating upgrade like India, Moody’s Investors Service said.“The challenge for Indonesia is not so much curbing spending but raising revenues,” Anushka Shah, Moody’s sovereign analyst in Singapore, said in an emailed response to questions.
Thailand’s economy grew faster than economists estimated last quarter, boosted by strong exports and rising tourist arrivals.Highlights of the GDP report Gross domestic product rose 4.3 percent from a year ago after expanding a revised 3.8 percent in the previous three months, the National Economic and Social Development Board said the median estimate of 19 economists surveyed by Bloomberg was 3.9 percent GDP rose a seasonally adjusted 1 percent in the third quarter compared with the previous
The Philippine economy grew more than six percent for a ninth consecutive quarter, cementing its position as one of the fastest-expanding in the world.Key Points Gross domestic product increased 6.9 percent in the third quarter from a year earlier, the Philippine Statistics Authority said in Manila Thursday, after expanding a revised 6.7 percent in the previous three months.
Indonesia's economy grew more slowly than expected in the third quarter, dimming hopes that a high-profile drive to boost Southeast Asia's biggest economy will hit its GDP target this year.The economy expanded 5.06 percent in the July-September period from a year ago, a little below market expectations and off the government's target of 5.2 percent growth for 2017.President Joko Widodo came to power in 2014 on a pledge to boost annual growth to seven percent annually but his go