Singapore lowers economic growth forecast for 2019
Singapore’s annual economic growth slipped to the lowest rate in nearly a decade during this year’s first quarter as manufacturing slowed down in the wake of the prolonged US-China trade war, prompting a downgrade to the city-state’s full-year growth forecast.
Hanoi (VNA) – Singapore’sannual economic growth slipped to the lowest rate in nearly a decade during thisyear’s first quarter as manufacturing slowed down in the wake of the prolonged US-Chinatrade war, prompting a downgrade to the city-state’s full-year growth forecast.
Accordingto Reuters, Singapore’s gross domestic product (GDP) expanded by 1.2 percentyear-on-year during the three months ending on March 31, down slightly from the1.3 percent seen in the government’s advance estimate and the fourth quarter’srevised 1.3 percent pace.
Theresult, which was below the 1.5 percent growth forecast in a Reuters poll,marked the slowest annual expansion for any quarter since April-June 2009 whenGDP shrank by 1.7 percent against the previous year, government data showed.
Asbroad economic momentum cooled, policymakers downgraded their 2019 growthforecast from the previous 1.5-3.5 percent down to 1.5-2.5 percent.
Singapore,like many of its trade-reliant counterparts in the region, has been hit hard bythe US-China trade war which has disrupted global supply chains in a blow tobusiness investment and corporate profits.
GabrielLim, Singaporean Permanent Secretary for Trade and Industry, told a newsbriefing that slowing Chinese growth and the trade dispute between Washingtonand Beijing were expected to weigh on Singapore’s output, while a slackenedglobal demand for electronics was already hitting its manufacturing sector.
“Inparticular, the electronics and precision engineering clusters [...] areexpected to face strong headwinds on account of a sharper-than-expecteddownturn in the global electronics cycle, as well as uncertainties arising fromthe ongoing trade conflicts,” said Lim.
Onthe flip side, manufacturers bore the brunt of the weakening global demand asit became the worst performing sector in the city-state on a quarter-on-quarterbasis, down by 7.1 percent during this year’s first quarter.
The deteriorating global conditions forced Singapore to also downgradeits 2019 forecast for non-oil domestic exports by 2 percent down to 0 percentas shipments in the first quarter shrank by 6.4 percent year-on-year. –VNA
Singapore ’s economy rose only 1.8 percent year-on-year in the first quarter of this year, according to estimates released by the country’s Ministry of Trade and Industry.
The Singapore economy expanded by 4.6 percent year on year in the third quarter of this year, the highest growth in three years, according to the Ministry of Trade and Industry (MTI).
The Ministry of Trade and Industry (MTI) of Singapore said on November 23 that it decided to adjust the country’s economic forecast this year to 3-3.5 percent from an earlier prediction of 2-3 percent.
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:channelnewsasia.com) 
