Singapore’s economic growth shows signs of slowndown
Singapore’s Ministry of Trade and Industry (MTI) said the country's 2019 economic forecast could be cut again considering the weak performance in the second quarter and strong headwinds in the global economy.
Singapore (VNA) – Singapore’s Ministry of Trade andIndustry (MTI) said the country's 2019 economic forecast could be cut again consideringthe weak performance in the second quarter and strong headwinds in the globaleconomy.
The forecast stands at between 1.5 percent and 2.5 percent,and may be revised down further in the MTI’s preliminary growth estimates to bereleased in August.
During the April-June period, the economy shrank 3.4 fromthe first quarter, prompting warnings of a technical recession, or twoconsecutive quarters of slowdown.
As a small and open economy significantly influenced byexternal developments, Singapore is vulnerable to negative quarter-on-quartergrowth, the ministry said.
However, it pointed to areas of strength, including the IT,education, health and social services sectors, noting that Singapore’sfull-year growth is not likely to be negative.
In such context, the Government was said to continue supportingbusinesses and workers to build capacity for the long term, such as via theEnterprise Development Grant for firms to scale up and Professional ConversionProgrammes to improve workers’ skills.-VNA
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Singapore will spend 400 million SDG (294 million USD) on upgrading and maintaining its drains in the next two years as part of its efforts to cope with sea level rise.
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.
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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.
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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.
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Cambodia and Thailand vowed not to undertake provocative actions that may escalate tensions, including entering the other side’s air space and territory, and refrain from constructing or enhancing military infrastructure.
Trenggono emphasised that the Indonesian government aims to increase the total coverage of MPAs to 97.5 million hectares by 2045. This initiative forms a key component of the “Golden Indonesia 2045” vision, which prioritises sustainable maritime development and environmental protection.
A corner of Singapore (Photo: EPA/VNA) 
