Singapore's economy, already in recession, shrank 4.2 per cent in the fourth quarter of 2008 from a year earlier, with overall annual growth coming in at 1.1 per cent, the government said on Thursday. The Ministry of Trade and Industry (MTI) said it was maintaining its 2009 forecast of a shrinkage in gross domestic product (GDP) of between 2.0 and 5.0 per cent. On a seasonally adjusted annualised...
Singapore Economy
The Singapore government will roll out public sector projects worth up to S$50 million each from the middle of this year. It had earlier deferred projects amounting to S$4.7 billion to ease pressure on the construction sector. The government said the upcoming projects are expected to attract small and medium-sized contractors. National Development Minister Mah Bow Tan said: "The big contractors have...
As Singapore retains its title as the world’s second freest economy, its reputation as one of the world’s most flexible labour markets is also gaining ground. Going by the latest data from a United States think-tank, on matters of labour freedom, the Republic scores 98.1 — trumping even Hong Kong, the world’s reigning freest economy. According to The Heritage Foundation, flexible rules mean "the...
Singapore's Trade and Industry Ministry says it will release the advance economic growth estimates for the country's fourth quarter and the whole of 2008 on January 2. The announcements will be made at 8 am that day. The Singapore government has brought forward its annual budget sitting, which usually takes place in February, to January 22 next year. This is to address measures needed to tackle the...
Singapore may be the worse-hit Southeast Asian country in the current economic crisis, but it could well be the first economy in the region to rebound, according to economic forecaster Thierry Apoteker. A jump in US consumer confidence in November is just one of the indicators that could signal signs of a global recovery next year. Consumer confidence index rose in November to 44.9, up from 38.8 in...
Property developer CapitaLand said on Tuesday it will not be laying off staff for now. Instead, executive-level staff will take pay cuts of between three and 20 per cent as part of the company's cost management measures. In a statement, CapitaLand said the cuts are due to the deteriorating global financial environment and economic uncertainties. President and CEO Liew Mun Leong will bear the maximum...
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 is one of the top locations in the world for new small and medium enterprises (SMEs) looking for financing. This is according to a new study by MasterCard Worldwide. The study shows that Tokyo and Singapore are ranked in the top four out of 53 leading global cities in the potential size of its SME financing market. Tokyo is second while Singapore is ranked fourth. In the Asia Pacific, Middle...
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...