Asian economies, excluding Japan, are expected to grow a weighted 5.5 per cent this year - down from the 7 per cent growth seen in 2008. HSBC said this slide will be led by Hong Kong, Korea, Taiwan and Singapore, while countries like China and India will be the main supports of growth. Falling demand from most developed nations in the wake of the global downturn has hit economic growth in Asia. But...
Asia Economy
And how it can seize the opportunity and surge forward WE NOW have a perfect storm with the perfect ingredients — easy liquidity, poor alignment of incentives, inadequate assessment and management of risks, greed, and lack of due diligence. The surge of the energy price — a bubble of its own — was the catalyst. To fight inflation, the United States government hiked interest rates. The housing...
Across Asia, household wealth is estimated to be worth as much as US$16 trillion and there are signs that a greater portion of it is shifting to Singapore. This is according to VP Bank, which is the latest bank to receive a merchant banking licence here. The Liechtenstein-based private bank has set up shop in Singapore to target ultra-high net worth clients, both here and around the region. Currently,...
Inflation is a more serious problem for Singapore and other Asian economies than an economic slowdown in the United States, according to HSBC's senior Asian economist, Robert Prior-Wandesforde. He said if inflation continues to push upwards, Asia could find itself facing an economic slowdown next year. His comment came at a seminar organised by the Singapore International Chamber of Commerce. Inflation...
In light of the ongoing sub-prime mortgage crisis in the United States, major global agencies have relooked their forecasts for this year. According to the latest World Economic Report, the International Monetary Fund (IMF) is predicting a 3.7 percent growth in the global economy this year - down from a 4.9 percent expansion in 2007. The IMF has also downgraded its growth projections for Singapore by...
Riding it out involves open and frank cooperation AMERICA'S unfolding financial woes continue to surprise. The impact on Asia has been limited thus far, and some think that Asia's rise is irresistible. But connections in finance, trade and investment can still bring the storm to Asia. Indeed, regional bourses and currencies have already felt shocks. After all, Asia's boom has coincided and benefited...
Developing economies in East Asia, including Indonesia, Malaysia and Thailand, will grow at their slowest pace in six years in 2008, according to the latest forecast from the World Bank. It said growth is being dragged down by the US sub-prime mortgage crisis and a drop in exports to the US. The World Bank also warned that governments in the region need to be watchful over rising inflation. Trade with the...
Singapore has received the thumbs-up from expatriate businessmen in the region as the cleanest Asian economy. In a latest survey by the Political and Economic Risk Consultancy (PERC), both Singapore and Hong Kong retained their top spots of first and second, respectively. Over 1,400 expatriates were asked to rank 13 Asian economies between January and February this year. The 13 economies were China,...
Asia will continue to attract strong investments this year despite the uncertain global economic outlook, according to some participants at the 9th Annual Investment Management Association Singapore Conference on Tuesday. They expect investment vehicles such as venture funds and private equity to pick up in 2008. Asia has seen a sharp change - from a positive global economic outlook in 2007 to one of...
Minister Mentor Lee Kuan Yew believed Asia will not go into recession, citing not only strong growth in China and India, but also the strength of commodity prices boosting growth in Malaysia, Brunei and Indonesia. Speaking to some 1,200 people at the Tanjong Pagar Lunar New Year dinner on Monday night, Mr Lee said Singapore is at the centre of the world's highest growth region, and is in a period of...