Q2 flash estimates today may finally buck the trend in on-quarter terms After months in the red, economies across Asia are expected to report positive GDP numbers for the April-June quarter, starting with Singapore today. Singapore's Ministry of Trade and Industry is due to release early this morning flash estimates of the economy's Q2 gross domestic product (GDP) growth, which economists widely expect...
Singapore Economy Outlook
Most economists expect Singapore to achieve a double-digit economic growth for the second quarter of 2009. This could range between 12 and 23 per cent on a seasonally-adjusted, quarter-on-quarter basis. They attribute the forecast to better industrial production and external trade numbers over the past months. In addition, observers said the financial services sector, stock market and property sector...
Singapore may have seen the worst of the economic slowdown and some economists believe the country's economy could see mild recovery in the current quarter. This comes after Prime Minister Lee Hsien Loong warned of a prolonged downturn and a tough year ahead in his May Day rally message last week. Mr Lee said the optimistic scenario is for a U-shaped recovery, not a V-shaped one. He also cautioned that...
Economies such as Singapore and Hong Kong have benefited from the global economic boom in the last five years. But their open and exposed economies mean they are also vulnerable to recessionary pressures as the world economy slows down. However, Morgan Stanley said it is not all doom and gloom for Singapore. Experts said the country would be among the first to bounce back once a global recovery takes...
Singapore's marine engineering, construction and financial sectors are among those the government expects to thrive amid the current financial crisis. Observers say the construction industry will be boosted by long-term contracts while the strong asset quality of local banks is shielding the financial sector from global turmoil. Local financial institutions have been beefing up their risk management...
Singapore's economy will not boom over the next few years due to the global economic slowdown, but it will not go bust either. That's according to Swiss economist Marc Faber, who's also known as Dr. Doom after he accurately predicted earlier stock market crashes and other financial disasters. He was speaking at OCBC's Global Treasury Regional Economic and Business Forum on Friday. Marc Faber thinks that...
Mega projects like the Marina Bay Integrated Resort and the upcoming Formula One race are expected to present a substantial boost to the Singapore economy. Some analysts expect the approximately S$120 billion worth of projects in the pipeline to support the economy until 2015. But others warn this may not be enough to offset external slowing, especially if the global economy worsens...
The turmoil in the Asian markets last week is just the beginning of worse to come, said economists and analysts, and Singapore is unlikely to be spared in the weeks ahead. There were jitters, even signs of panic, in Asian bourses the end of last week, with the rise in United States jobless claims — the highest in five years — spooking market sentiment. The Straits Times Index (STI) dropped 51.84...
Prime Minister Lee Hsien Loong said in his National Day Rally speech on Sunday that Singapore's economic growth will be slow next year as it feels the impact of a weakening world economy. However, the country is not expected to slip into a crisis. "This year, I think we can get 4 to 5 percent growth. It's not bad. Next year, we expect slow growth and more uncertainties. I'm not predicting a crisis. We're...
Singapore Prime Minister Lee Hsien Loong, in his National Day message, has cut the 2008 GDP growth forecast to between 4 per cent and 5 per cent from an earlier estimate of between 4 per cent and 6 per cent. He also said the country faces a tough year ahead as it is beginning to feel the impact of a US slowdown. “For the whole year, we expect growth to be between 4 and 5 per cent,” Mr Lee said in his...