Prices holding steady but don’t pop the bubbly yet: Economists ECONOMISTS rubbed their eyes in disbelief yesterday as official data showed that for the third month in a row, inflation held firmly at 7.5 per cent last month instead of climbing. Does this spell a plateau in consumer prices, which are currently at a 26-year high? Maybe not, said some pundits, as June enjoyed some once-off relief and...
Inflation
The financial ratings of Singapore's banks are stable, thanks to a buffer built up during the economic boom last year and conservative management of their balance sheets. According to ratings agency Moody's, the overall impact of the tightening global credit markets has been moderate. However, Moody's has also revealed that there are risks ahead that could undermine the stability for banks in Southeast...
But there will be discomfort on the ground, he says DESPITE the growing prices of food and oil around the world, Singapore is not heading for a economic recession, Finance Minister Tharman Shanmugaratnam said yesterday. According to Channel NewsAsia reports, Mr Tharman said at a community event that from all indications at this point, he did not think Singapore was heading for an economic recession. But...
But the hike in fuel prices in Malaysia will cause discomfort here SINGAPORE is not heading for a recession, said Finance Minister Tharman Shanmugaratnam, although fuel price increases in Malaysia would lead to discomfort. ‘From all indications we have at this point, I don’t think we’re heading for a recession. ‘But there will be discomfort on the ground,’ he said, speaking to Channel NewsAsia...
Finance Minister Tharman Shanmugaratnam on Sunday gave the assurance that Singapore is not heading for a recession. Speaking at a community event, Mr Tharman said, “From all indications we have at this point, I don’t think we’re heading for a recession. But there will be discomfort on the ground. Unfortunately, the fuel price increase in Malaysia does mean that vegetable, poultry and some other...
International ratings agency, Moody's, said it has no immediate plans to review its sovereign credit rating for Singapore as the country has strong credit fundamentals, including robust external assets. Singapore has the highest triple-A sovereign rating from Moody's, and this is likely to remain so for the next 12 to 18 months. Last year, Moody's upgraded the rating for six Asian economies – China,...
Singapore's annual inflation rate rose to a new 26-year high of 7.5 percent in April as food, housing and transportation costs soared and is now a risk to the economy, the government said on Friday. Food prices alone rose 8.5 percent, transportation and communication were 7.0 percent higher and housing costs became 11.8 percent more expensive, the statistics department said. It said April's inflation...
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...
Prime Minister Lee Hsien Loong said Singapore will continue to develop the financial sector as more activities are being moved to the city-state. Mr Lee, who was speaking to 120 bankers at the hour-long Thomson Reuters Dialogue on Tuesday, added that more would be done to ease capacity constraints, such as the crunch in office space and accommodation. The financial sector in Singapore grew by some 17.5...
As inflation in March hit 6.7 per cent, marking yet another 26-year high, businesses are beginning to feel the pain. For the salaried employee, this raises the worry of whether employers will resort to reducing wages in order to cut costs. “Particularly for most Singapore companies, wage is the most important element of cost,” said HSBC economist Robert Prior-Wandesforde. A wage cut, or even a...