Singapore’s economy to weaken in third quarter: MAS
Private sector economists expect Singapore's economy to weaken further in the third quarter with a gross domestic product growth forecast of 1%, according to the quarterly survey by the Monetary Authority of Singapore (MAS) released on September 6.
Singapore (VNA) –Private sector economists expect Singapore's economy to weaken further in thethird quarter with a gross domestic product growth forecast of 1%, according to thequarterly survey by the Monetary Authority of Singapore (MAS) released onSeptember 6.
Regarding key indicators,non-oil domestic exports (Nodx) posted the sharpest decline and are expected tofall by 10.5% in the third quarter while the manufacturing sector, whichaccounts for more than a fifth of the Singapore economy, is forecast to post a4.4% year-on-year decrease.
The decline is attributed to a decrease in external demand, especially for electronics - the semiconductor industry in particular.
The survey expects finance and insurance to record amuch smaller growth of 0.7 % year-on-yeardue to the dual challenges of a high-interest rate environment and weak loandemand.
Wholesale and retail trade isforecast to edge higher to 1.3% year-on-year from 0.8%, and accommodation and foodservices dip to 8.8% after peaking at 10% in the second quarter.
These sectors are forecast todecline further as the boost from the reopening of the economy is fading.
Fo📖r 2024, the economic forecast remained unchanged at2.😼5%, given the potentially lowerbase of comparison with 2023./.
The Singapore economy grew by 7.6 percent in 2021, compared to a previous estimate of 7.2 percent, the Ministry of Trade and Industry (MTI) has said, while the growth forecast for this year has been maintained at 3-5 percent.
Singapore’s economy grew 4.4% in the third quarter of 2022, compared to the same period last year, according to estimates released by the government on October 14.
The Singapore economy is projected to slow further in 2023 amid growing challenges in the external environment, according to the latest report of the Monetary Authority of Singapore (MAS).
Singapore’s economy grew by 0.4% on a year-on-year basis in the first quarter of 2023, lower than the 2.1% expansion in the previous quarter, the Ministry of Trade and Industry announced on May 25.
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.
Talking to the Vietnam News Agency on the occasion of the 100th anniversary of the Vietnam’s Revolutionary Press Day (June 21, 1925–2025), Nikulina, who is also a veteran journalist of Russia’s Sputnik News, emphasised the vital role of mainstream journalism in defending the truth and maintaining public trust.
The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
The World Bank will provide a 2.1 billion USD financing package for Indonesia, focusing oncreating jobs, stimulating economic growth, and enhancing access to clean energy across the country.
Illustrative image (Photo: The Star) 
