Singapore’s inflation remains high in 2023: Economists
Based on latest data from Singapore’s Ministry of Trade and Industry and Industry (MTI), many economists have forecasted that the country’s inflation will remain high in 2023, despite signs of reduction from global price pressures.
Singapore’s inflation remains high in 2023: Economists (Photo: VNA)
Singapore (VNA)🔴 – Based on latest data fromSingapore’s Ministry of Trade and Industry and Industry (MTI), many economistshave forecasted that the country’s inflation will remain high in 2023, despite signsof reduction from global price pressures.
In 2022, overall inflation came in at 6.1%, up from 2.3% ayear ago, while core inflation, which excluded accommodation and privatetransport, came in 4.1% year on year, an increase of 0.9% year on year. Singapore's overall inflation is forecast at 4.5-5.5% in2023, while core inflation is forecast at 2.5-3.5% after excluding impacts ofincrease in Goods and Services Tax (GST). Monetary Authority of Singapore (MAS) and the MTI have alsowarned about risks that could lead to high inflation rates being “persistentthan expected”, especially after China reopened its market. However, both MAS and the MTI are still optimistic about the secondhalf of the year. According to their scenario, the tightening of thedomestic labour market will be relaxed and global inflation will be moderate,thereby contributing to soften Singapore’s inflation./.
Vietnam remains a magnet for Singaporean investors, with sustainable development being a promising area of cooperation, according to Singaporean Ambassador to Vietnam Jaya Ratnam.
Malaysia Prime Minister Anwar Ibrahim will make an official visit to Singapore on January 30 at the invitation of Singapore counterpart Lee Hsien Loong.
Singaporean Prime Minister Lee Hsien Loong and his Malaysian counterpart Anwar Ibrahim on January 30 witnessed the signing of three bilateral cooperation agreements on the digital economy, green economy, personal data protection, and cyber security.
The Republic of Korea (RoK), China and Japan agreed on May 3 to reinforce the regional financial safety net, along with members of the Association of Southeast Asian Nations (ASEAN), by launching a new financing facility programme meant to extend greater support in case of a financial crisis.
A technical issue combined with an extreme heatwave was blamed for a series of explosions at a military base that killed 20 soldiers and injured several others in Cambodia on April 27, the country’s Ministry of Defence said in a May 2 statement as reported by the Xinhua news agency.
The Customs Department of Thailand is scheduled to commence the collection of value-added tax (VAT) on imported goods sent via postal services, regardless of the goods value, starting in May.
A lecturer from Chulalongkorn University’s Faculty of Medicine has warned Thais to be more vigilant against COVID-19, saying infection rates appeare to be worsening with higher hospital admissions, deaths and severe cases.
Malaysia should harness the collective expertise and resources to drive sustainable growth and development of the halal industry, according to Minister of Investment, Trade and Industry Zafrul Abdul Aziz.
Laos has officially restored the 10% value-added tax (VAT) rate starting May 1, in a bid to support the country’s budget revenue and socio-economic development.
The ASEAN Future Forum 2024 (AFF 2024) entered its second plenary session in Hanoi on the afternoon of April 23, discussing ways to ensure comprehensive security for the people-centred ASEAN Community.
The first session of the ASEAN Future Forum 2024 (AFF 2024) in Hanoi on April 23 focused on fast and sustainable growth for the Association of Southeast Asian Nations (ASEAN).
The Canada-ASEAN Business Council (CABC) and the ASEAN Alliance on Carbon Markets (AACM) have signed a Memorandum of Understanding (MoU) to strengthen collaboration and accelerate the implementation of carbon crediting programmes across Southeast Asia.
ASEAN Secretary-General Kao Kim Hourn reaffirmed ASEAN leaders' commitment to empowering the youth to unleash their full potential when he had a dialogue with ASEAN youth in Hanoi on April 22 on the sidelines of the ASEAN Future Forum (AF 2024).
The Thai Government is being urged to increase the proportion of renewable power generation to more than the target of 50% set in the power development plan (PDP).
The Centre for Volcanology and Geological Hazard Mitigation (PVMBG) of Indonesia on April 21 lifted its tsunami advisory issued previously following the eruption of Mount Ruang in Sitaro district of North Sulawesi province.
Thailand expects to export about 1 million tonnes of durian, valued at an estimated 130 billion THB (3.53 billion USD) this year, with most of the shipments to China, according to Minister of Agriculture Thammanat Prompao.
The 72nd meeting of the ASEAN Working Group on Intellectual Property Cooperation (AWGIPC) and related meetings are being held by the Ministry of Science and Technology’s Intellectual Property Office (IPO) of Vietnam in the central city of Da Nang on April 22-26.
Enhancing regional food security and tackling the pressing challenges of climate change will be key agendas defining Malaysia’s ASEAN Chairmanship in 2025, Speaker of the Dewan Rakyat (lower house) Johari Abdul told the press on April 19.
Singapore’s inflation remains high in 2023: Economists (Photo: VNA) 
