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...
Singapore Economy
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...
Singapore kept its top ranking for the third year in a row as the easiest place in the world to do business, the World Bank said in a report Wednesday. The Asian city-state edged out New Zealand and the United States in the "Doing Business 2009" ranking by the World Bank. Filling out the list of the 10 easiest business environments was Hong Kong, Denmark, Britain, Ireland, Canada, Australia and...
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...
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...
The World Trade Organisation (WTO) has praised Singapore for having one of the most open and competitive economies in the world. The accolade was contained in the ongoing trade policy review by both the WTO secretariat and members. The report on Singapore's economy policy, released on Monday, was prepared as part of the WTO's Trade Policy Review, of which Singapore is participating for the fifth time. It...
Minister Mentor Lee Kuan Yew says Singapore is facing its most promising decade ahead. He expects the economy to grow by up to 7 or 8 per cent over the next few years, barring a global economic downturn. He was speaking at a dialogue session organised by the Monetary Authority of Singapore (MAS) and the Economics Society of Singapore (ESS) on Friday. Mr Lee told his 800-strong audience of industry...
The coming decade could be the most promising for Singapore, says Minister Mentor Lee Kuan Yew. But to achieve progress, Singapore must have a top-class government. Mr Lee shared his views about Singapore's growth and challenges during a dialogue session hosted by the Monetary Authority of Singapore (MAS) and the Economics Society of Singapore (ESS) on Friday. Barring any serious global recession, Mr Lee...