Thailand is often pitted as “one of the great development success stories” and this is for fair reason. Poverty in the country has declined substantially over the last 30 years from 67 percent in 1986 to a mere 7.8 percent in 2017, as measured by the upper-middle income class poverty line of US$5.5 per day.
The COVID-19 pandemic has caused nations across the world to be under lockdown over virus fears. Governments have implemented drastic measures to contain the coronavirus from spreading further. It was reported that over four billion people are currently under lockdown across the globe.
The coronavirus pandemic is pushing the global economy into its deepest recession in a century, cutting world output by three percent this year, the International Monetary Fund (IMF) said Tuesday.If the virus is contained and economies can begin operating again, 2021 should see a rebound of 5.8 percent, according to the IMF's latest World Economic Outlook. But the authors acknowledged the difficulty in making an accurate forecast amid the rapidly changing situation.With much of
The coronavirus pandemic could cost the global economy US$4.1 trillion as it ravages United States, Europe and other major economies, the Asian Development Bank warned on Friday (3 April).The estimated impact is equivalent to nearly five percent of worldwide output based on a range of scenarios, but the lender said losses from "the worst pandemic in a century" could be higher. "The estimated impact could be an underestimate, as additional channels such as...possible so
Oil prices extended losses in Asian trade Monday and languished at 17-year lows, with the coronavirus crisis escalating around the world and no end in sight to a vicious price war.US benchmark West Texas Intermediate fell 5.3 percent to trade at US$20 a barrel, while international benchmark Brent crude was off 6.5 percent at US$23.The falls came after the death toll from the pandemic surged past 30,000 at the weekend as cases in hard-hit Europe and the United States showed no sign of letting
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
Southeast Asia is facing the possibility of billions of dollars in losses from the sharp drop in Chinese tourists since the COVID-19 outbreak.According to a report by global audit, tax and advisory network, KPMG International, the risk of a global recession in 2020 is extremely high as nations shutdown economic activity to limit the spread of the COVID-19 pandemic.A report by the Asian Development Bank (ADB), outlining the economic impact of COVID-19, stated that, “tourism arrivals in many de
According to a study by global workspace provider Regus, 73,000 jobs under flexible working arrangements are tipped to be created come 2030. The study looked at flexible working in 16 key markets among which included Singapore.
The increasing incorporation of technology into modern day workplaces has thrown a spanner in the works especially with the looming risks of jobs being lost to automation and artificial intelligence (AI) – effectively rendering old skills obsolete.
One of the main concerns of enforcing nationwide lockdowns is the economic repercussions of the strict measures and the fear that it would have a lasting impact on social wellbeing and economic performance in the country. With China as the epicentre of the COVID-19 outbreak, governments in ASEAN have now put stringent measures in place to contain it; threatening to stall economic growth in major markets.
Global stock and oil markets plunged Wednesday, as vast stimulus measures failed to offset heightened concerns that the worsening coronavirus outbreak will tip the world into a deep recession. On Wall Street, the Dow Jones Industrial Average was hit by another brutal loss to finish below the 20,000-point level for the first time since 2017 despite authorities in the United States (US) and elsewhere moving forward with more measures to prop up the economy.In European trading, both Par
Oil rebounded Tuesday, with investors buying at bargain levels after prices plunged to four-year lows as governments worldwide ramped up measures to contain the spread of the deadly coronavirus.Analysts said, however, that any recovery in oil prices is likely to be short-lived as travel restrictions and other tough measures rolled out to fight the virus sap demand amid a production glut and price war.US benchmark West Texas Intermediate (WTI) was trading at US$29.95 a barrel, up 4.36 percent,
