Singapore has lowered its economic growth forecast for 2016 to between 1-2 percent, down from the initial range of 1-3 percent, the Singaporean Ministry of Trade and Industry (MTI) said on August 11.
Boats sail past Pulau Bukom oil refinery along the southern coast of Singapore on June 8, 2016 (Source: Reuters)
Singapore (VNA) - Singapore has lowered its economic growth forecast for 2016 to between 1-2 percent, down from the initial range of 1-3 percent, the Singaporean Ministry of Trade and Industry (MTI) said 𝓀on August𓆏 11.
The move took into account a slightly weakened global economy and the impact of Britain's vote to exit the European Union last June, which dampened and also added uncertainties to the global growth outlook, the ministry said.
Most key economies, with the exception of the US, are expected to see similar or lower growth in the final six months of the year, compared to the first half, according to the ministry.
The same day, the ministry also released gross domestic product (GDP) figures for the second quarter, which saw Singapore’s economy expanding 2.1 percent compared to the same period a year ago, marginally lower than the Government’s earlier estimate of 2.2 percent and unchanged from the previous quarter .
Manufacturing activity expanded by 1.1 percent year-on-year, reversing from a 0.5 percent decline in the previous quarter.
While the service sector grew 1.4 percent, lower than the estimate of 1.7 percent released in the first quarter.-VNA
Singapore’s employment rate in 2015 was 0.9 percent or 31,800 more people were employed last year, the lowest annual growth since 2003, said the Manpower Ministry (MOM) on January 28.
Singapore ’s economy rose only 1.8 percent year-on-year in the first quarter of this year, according to estimates released by the country’s Ministry of Trade and Industry.
The Singaporean economy grew 2.2 percent on a year-on-year basis in the second quarter of this year, marginally higher than the 2.1 percent expansion in the previous quarter.
Featuring a permanent exhibition area, the ASEAN Hall will function both as a cultural showcase and as a dynamic venue for ASEAN-related events and programmes. Its inauguration on ASEAN Day added symbolic weight, marking a fresh milestone in ASEAN–RoK relations.
Thailand’s Ministry of Commerce and rice exporters are devising strategic plans to boost rice exports amid global market fluctuations, focusing on key markets and adjusting output.
The focus of the upcoming ASEAN Summit in October will be on strengthening economic relations through intra-regional trade and investment, as well as regional initiatives on energy networks and connectivity.
Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
Malaysia’s gross expenditure on R&D (GERD) reached 1.01% of gross domestic product in 2022, a notable increase, with more than 51% contributed by the industry sector. The country is targeting GERD to reach 2.5% by 2030, in line with the national goal of transforming into a high-technology nation.
The facility was established in response to a growing shift in the Filipino labour force from the Middle East to Japan, where workers are seeking safer working environments.
In the latest Indonesia-US trade agreement in July, the US administration agreed to reduce the reciprocal tariff, which was initially set at 32% by US President Donald Trump last April, to 19%.
Real estate agency ERA Singapore estimated that there are 2,703 condo developments in Singapore today, of which 836 or 31% are at least 30 years old. In 10 years, this number is expected to climb to 1,160, assuming none is sold en bloc.
The new framework is designed to ensure that incoming investments deliver tangible national benefits, such as the creation of high-quality jobs for Malaysians and the development of local company ecosystems and technologies.
Singapore led with a total of 8.8 billion USD in realised investment, followed by Hong Kong and mainland China, Malaysia, and Japan with 8 billion USD, 1.7 billion USD and 1.6 billion USD, respectively.
Thai Acting Prime Minister Phumtham Wechayachai on August 7 outlined his strategy for tackling drug problems in Thailand, aiming for a "Zero Drugs Thailand" within three months.
The US has described Malaysia's role as Chair of the Association of Southeast Asian Nations (ASEAN) as vital in helping ease tension between Thailand and Cambodia.
Boats sail past Pulau Bukom oil refinery along the southern coast of Singapore on June 8, 2016 (Source: Reuters)
