Singapore’s Ministry of Trade and Industry (MTI) on November 24 cut its economic growth forecast for this year to 1.0-1.5 percent from 1.0- 2.0 percent.
A view of the skyline of Singapore's central business district (Photo: Reuters)
Singapore (VNA) – Singapore’s Ministry of Trade and Industry (MTI) onNovember 24 cut its economic growth forecast for this year to 1.0-1.5 percentfrom 1.0- 2.0 percent.
The cut was caused by a weak performance of the economy, although its GDPinched by 1.1 percent in the third quarter on a year-on-year basis, higher thanprevious estimate of 0.6 percent, said the MTI.
While on a seasonally-adjusted annualised basis, the economy shrank 2.0percent. The manufacturing sector contracted 9.1 percent, a reversal from the2.1 percent in the preceding quarter, while the service industry sector droppedby 1.3 percent.
The ministry also predicted that the full-year growth for 2016 of Singapore wouldbe lower than in 2015 as the global economy have remained sluggish. In thefirst quarters of this year, the country’s economy grew at a slower pace of 1.7percent compared to 2.1 percent over the same period last year.
According to the MTI, Singapore will continue to deal with challenges in 2017. Growthin economies like the US, Japan and ASEAN countries are expected to improve butgrowth in Eurozone and China moderates, causing challenges to Singapore nextyear.
In addition, investment reduction from US and Chinese firms and insourcingtrends might affect Singapore’s exports.
The ministry also projected that sectors such as electricity,telecommunications and industry-service might improve, while wholesale,financing and insurance sectors will continue to face difficulties from the outside.-VNA
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.
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.
Analysists lowered Singapore’s economic growth forecast in 2017 from 2.1 percent to 1.8 percent, equal to the level of 2016, following the results of a survey conducted by the Monetary Authority.
The Republic of Korea (RoK), China and Japan agreed on May 3 to reinforce the regional financial safety net, along with members of the Association of Southeast Asian Nations (ASEAN), by launching a new financing facility programme meant to extend greater support in case of a financial crisis.
A technical issue combined with an extreme heatwave was blamed for a series of explosions at a military base that killed 20 soldiers and injured several others in Cambodia on April 27, the country’s Ministry of Defence said in a May 2 statement as reported by the Xinhua news agency.
The Customs Department of Thailand is scheduled to commence the collection of value-added tax (VAT) on imported goods sent via postal services, regardless of the goods value, starting in May.
A lecturer from Chulalongkorn University’s Faculty of Medicine has warned Thais to be more vigilant against COVID-19, saying infection rates appeare to be worsening with higher hospital admissions, deaths and severe cases.
Malaysia should harness the collective expertise and resources to drive sustainable growth and development of the halal industry, according to Minister of Investment, Trade and Industry Zafrul Abdul Aziz.
Laos has officially restored the 10% value-added tax (VAT) rate starting May 1, in a bid to support the country’s budget revenue and socio-economic development.
The ASEAN Future Forum 2024 (AFF 2024) entered its second plenary session in Hanoi on the afternoon of April 23, discussing ways to ensure comprehensive security for the people-centred ASEAN Community.
The first session of the ASEAN Future Forum 2024 (AFF 2024) in Hanoi on April 23 focused on fast and sustainable growth for the Association of Southeast Asian Nations (ASEAN).
The Canada-ASEAN Business Council (CABC) and the ASEAN Alliance on Carbon Markets (AACM) have signed a Memorandum of Understanding (MoU) to strengthen collaboration and accelerate the implementation of carbon crediting programmes across Southeast Asia.
ASEAN Secretary-General Kao Kim Hourn reaffirmed ASEAN leaders' commitment to empowering the youth to unleash their full potential when he had a dialogue with ASEAN youth in Hanoi on April 22 on the sidelines of the ASEAN Future Forum (AF 2024).
The Thai Government is being urged to increase the proportion of renewable power generation to more than the target of 50% set in the power development plan (PDP).
The Centre for Volcanology and Geological Hazard Mitigation (PVMBG) of Indonesia on April 21 lifted its tsunami advisory issued previously following the eruption of Mount Ruang in Sitaro district of North Sulawesi province.
Thailand expects to export about 1 million tonnes of durian, valued at an estimated 130 billion THB (3.53 billion USD) this year, with most of the shipments to China, according to Minister of Agriculture Thammanat Prompao.
The 72nd meeting of the ASEAN Working Group on Intellectual Property Cooperation (AWGIPC) and related meetings are being held by the Ministry of Science and Technology’s Intellectual Property Office (IPO) of Vietnam in the central city of Da Nang on April 22-26.
Enhancing regional food security and tackling the pressing challenges of climate change will be key agendas defining Malaysia’s ASEAN Chairmanship in 2025, Speaker of the Dewan Rakyat (lower house) Johari Abdul told the press on April 19.
A view of the skyline of Singapore's central business district (Photo: Reuters)
