Singapore carries out social distancing measures to prevent the spread of COVID-19 (Photo: Xinhua/VNA)
Singapore (VNA) 💛- Singapore's economy is on track torecover from the worst recession in its history caused by the COVID-19epidemic, but potential risks still exist.
There are currently four threats to the Singapore economy, ofwhich the threat of a new COVID-19 variant is present. The raging Delta varianthas caused many countries to tighten their safety measures this year and thisis still affecting many Singaporeans.
UOB Group economist Barnabas Gan said Singapore's economicoutlook will depend on the COVID-19 situation and any outbreak could pose risksto the country's economic recovery.
Meanwhile, inflation and a decline in global demand for electronics –the key export of Singapore's manufacturing sector are two other potentialthreats. As Singapore economic growth gains momentum, the risk of inflation is skyrocketing. Higher-than-expected inflation could prompt major central banksto reverse interest rate cuts to historic lows, where tight monetary policiescould cause a slowdown in demand and global investment flows.
Currently, Singapore's exports of semiconductors and otherhigh-end electronic components have been growing at an impressive rate withelectronics exports in June increasing by 25.5 percent. However, if there are signsof a drop in demand, electronics manufacturers are to cut production andthereby lead to shortage in microchips and other components. The shortage in the globalsupply of semiconductors could limit the increase in electronic goods output.
ꦰ In the context of the uncertain labour supply due to the COVID-19 epidemic, the construction sector faces ashortage of human resources as well as raw materials./.
Singapore and the Pacific Alliance (PA) have concluded negotiations on a free trade agreement, towards the signing of the deal in late 2021, the Singaporean Ministry of Trade and Industry announced on July 22.
The Monetary Authority of Singapore (MAS) and Ministry of Trade and Industry (MTI) have raised their full-year forecast for overall inflation to between 1 percent and 2 percent in 2021, up from the previous prediction of 0.5 percent-1.5 percent.
The Government of Singapore will provide a support package worth 1.1 billion SGD, or over 808 million USD, to help businesses and workers impacted by the country’s “Heightened Alert” restrictions put in place from July 22 – August 18.
More than 600 Vietnamese students from 13 countries worldwide participated in an online career workshop held by the Vietnamese Youth Alliance in Singapore (VNYA) on July 24-25.
The export of fruit and vegetables, especially lychees, contributed significantly to the Vietnam - Singapore trade in the first half of 2021, with Vietnam’s shipments surging 37.6 percent. The success of its lychee exports to the fastidious market has been parlayed into other farm produce, to further boost exports.
Malaysia, as ASEAN 2025 Chair, marked the bloc’s 58th founding anniversary on August 8 with a vibrant celebration in Cyberjaya, blending an official ceremony with a colorful cultural festival.
Vietnam plays an important role in Southeast Asia’s economic growth and is a key partner of her country in realising the shared vision of a peaceful, stable, and prosperous region, said Robyn Mudie, First Assistant Secretary of Office of Southeast Asia (OSA) – Southeast Asia Regional and Mainland Division at Australia’s Department of Foreign Affairs and Trade (DFAT).
The 2025 ASEAN Business Community Development (ABCD) Forum, themed “Empowering ASEAN's Next Leap: Digital, Sustainable & Entrepreneurial Transformation” brought together ministers, CEOs, and top industry experts to discuss key regional economic priorities.
The DES Ministry will seek cooperation from social media platforms to prevent the spread of fake news and monitor accounts related to such activities, he told reporters after chairing a meeting of the newly established Anti-Fake News Centre (AFNC).
The Joint Standing Committee on Commerce, Industry and Banking identified the US tariff reduction as a significant driver behind the improved economic outlook for Thailand.
Financial institutions and financial technology (fintech) players are intensifying their focus on expanding across the Association of Southeast Asian Nations (ASEAN), adopting tailored strategies to strengthen their presence in the region’s digital financial services landscape.
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.
Singapore carries out social distancing measures to prevent the spread of COVID-19 (Photo: Xinhua/VNA) 
