Singapore cuts 2020 growth prediction for third time
Singapore slashed its 2020 gross domestic product forecast for the third time, the Ministry of Trade and Industry said on May 26, as the economy prepares for its deepest ever recession.
A McDonals's store in Singapore on May 11, 2020 (Photo: AFP/VNA)
Singapore (VNA) - Singapore slashed its 2020 gross domestic product forecast forthe third time, the Ministry of Trade and Industry said on May 26, as theeconomy prepares for its deepest ever recession.
Thecountry lowered its growth forecast to a contraction range of -7 percent to -4percent from the prior range of -1 percent to -4 percent. Singapore’s economyshrank 0.7 percent annually in the first quarter and 4.7 percent on a quarter-on-quarter,a less severe decline than advance estimates.
Reutersquoted Gabriel Lim, permanent secretary of the ministry, as saying asignificant degree of uncertainty continues over the length and severity of theCOVID-19 outbreak, as well as the trajectory of the economic recovery.
Singaporealso downgraded its 2020 prediction for non-oil domestic exports to -4.0percent to -1.0 percent, from -0.5 percent to 1.5 percent previously. Exportshave been a rare bright spot for the economy in recent months due largely to asurge in demand for pharmaceuticals.
Analystsexpect the trade-reliant economy to see a deeper contraction in the secondquarter due to a two-month lockdown by authorities, in which most workplacesclosed to curb the spread of the coronavirus.
Singaporeis facing its deepest recession ever, with authorities warning that the rate ofunemployment might rise while wages will decrease. The government first flaggedthe possibility of recession in February when it cut its 2020 GDP forecast to-0.5 percent to 1.5 percent, from 0.5 percent to 2.5 percent previously.
Thenation has among the highest number of infections in Asia and has said thateasing of the lockdown from next month will only be done gradually. The financeministry is set to deliver the latest in a string of multi-billion-dollareconomic packages to offset the hit to businesses and households from thepandemic later on May 26./.
Enterprises in Singapore recorded their worst performance in the first quarter of 2020 since the global financial crisis of 2008 as the COVID-19 pandemic pushed the economy to stagnation, a recent business climate survey showed.
Singapore’s Finance Minister Heng Swee Keat and his Malaysian counterpart Tengku Zafrul Aziz on May 19 discussed economic recovery measures via a video conference as COVID-19 restrictions are gradually eased.
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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.
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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.
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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.
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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.
A McDonals's store in Singapore on May 11, 2020 (Photo: AFP/VNA) 
