Hanoi (VNA) – Singapore’s Ministry o🐼f Trade and Industry (MTI) on August 13 raised its 2024 growth forecast to 2%- 3% from its range of 1🦄% to 3%.
The adjustment was made partly based on the performance of the Singaporean economy in the first half of 2024, as well as the latest global and domestic economic situations, the MTI said.
In the second quarter, the economy grew 2.9%, unchanged from the MTI’s advance estimate released a month ago. It follows first-quarter growth of 3% – the fastest pace since the 4.2% expansion in the third quarter of 2022.
Moreover, Singapore’s external demand outlook is expected to be resilient for the rest of 2024.
According to MTI chief economist Yong Yik Wei, at barring downside risks globally, growth is expected to stay at this trend rate of around 2% to 3% over the medium term, till around 2033 or thereabouts.
Meanwhile, OCBC Bank chief economist Selena Ling said analysts are keeping their 2024 full-year growth forecast of 2.6% thanks to positive information about the global tech industry and relatively resilient growth in the construction and services sectors.
DBS Bank economist Chua Han Teng said that Singapore’s economic growth in 2024 is driven by a recovery in labour productivity.
The rebound in labour productivity will help to mitigate domestic labour cost pressures, which have been a major concern for Singapore’s businesses over the past two years, he said./.
The Singaporean Government has been researching solutions to revive the domestic stock market as many companies have weakened in recent years amid high interest rates.
Minister of Finance Ho Duc Phoc has led a delegation of the ministry and Vietnamese enterprises on a two-day working trip to Singapore starting August 5, aiming to step up bilateral cooperation in potential fields.
Coordinating Minister for Economic Affairs Airlangga Hartarto and EAEU Trade Minister Andrey Slepnev jointly declared the conclusion of FTA talks on the sidelines of the 28th St. Petersburg International Economic Forum (SPIEF 2025), according to the statement.
The article stressed that throughout his revolutionary career, the founder of modern Vietnam consistently regarded the revolutionary press as a vital part of the Vietnamese Party’s and nation’s revolutionary struggle.
Pichai said the trade talks with the US are important and need to move forward professionally, without regard for any political changes in Thailand, believing that Thailand has clear principles, guidelines and procedures in place.
The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
The proposed venue is located in the Chatuchak area of Bangkok, featuring eight public sites, including Krungthep Aphiwat Central Terminal and several nearby parks.
Connectivity is expected to improve further with the completion of the fifth Laos–Thailand Friendship Bridge by the end of 2025, facilitating logistics and agricultural exports to Vietnam, Thailand, and China.
Two naval gunboats intercepted a fishing vessel carrying 1.5 tonnes of methamphetamine hydrochloride off the coast of the main island of Luzon just before dawn, in a joint operation with the Philippine Drug Enforcement Agency.
In the today context of socio-economic development and growth, the professionalism of Vietnam’s revolutionary journalists continues to rise, guided by exemplary mastery of new information technologies and the modernisation of their founding principles to preserve the enduring values of revolutionary journalism.
Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
Organised by the Ministry of Culture and the Association of Thai Silk & Culture Promotions, the event honors Her Majesty the Queen on her 47th birthday anniversary and promotes Thai craftsmanship on an international stage.
Prensa Latina's recent article on Vietnam’s assurance of smooth and effective transition to a leaner structure highlighted Prime Minister Pham Minh Chinh’s latest directions on implementing 28 resolutions regarding the decentralisation and delegation of authority.
The lab focuses on four key thematic areas: energy transition and green innovation, sustainable agriculture, circular economy and sustainable cities, and nature-based solutions and biodiversity.
The key content of the document titled "Accelerating Innovative Strategies: Addressing the OOSCY Challenges" will be refined further in a seminar preceding the 47th ASEAN Summit in Kuala Lumpur this October.
This follows Telegram’s serious failure to address the content that has been repeatedly reported to them, despite various efforts of negotiation and cooperation made by MCMC, it said.
Efforts to empower women must transcend dialogue and translate into concrete commitments, including corporate pledges and government partnerships, according to the spouse of Malaysian Prime Minister Anwar Ibrahim.
The forum featured two in-depth discussion sessions, engaging representatives from governments, think tanks, and businesses from both ASEAN and China, on how to forge closer ties for a common future.
The new FIFA Hub in Jakarta will not only support football development in Indonesia but also serve as a coordination centre for 21 football associations across Southeast and East Asia.
Minister Counselor Nguyen Hoang Nguyen reaffirmed Vietnam’s principled and consistent stance on the Palestine issue, calling for an immediate and lasting ceasefire across the entire Gaza Strip.
PM Anwar Ibrahim affirmed the determination of Malaysia, as ASEAN Chair for 2025, to utilise all viable regional mechanisms of the bloc and work with partners to de-escalate violence and restore a peace process led by Myanmar.
