Singapore economy

Singapore considers extending fintech funding beyond 2020

SINGAPORE (Nov 11): Singapore’s central bank is poised to extend funding for financial-technology initiatives because the five-year round ending in March has yielded positive results, its top official said.

The Monetary Authority of Singapore will probably announce new funding plans next year, with possible areas including cyber security and artificial intelligence, Managing Director Ravi Menon said. The $225 million program has spurred innovation, attracted new companies and created jobs, he said.

Dark trading could give local stock market a boost

SINGAPORE (Nov 11): Singapore has been trying hard to reinvigorate its stock market, following the 2013 penny stock saga. Various measures mooted include a dual-class share structure, private-market platforms to build the IPO pipeline and cross-border partnerships. Unfortunately, the trading volume of securities continues to be listless. A growing list of delistings did not help either.

A recent MAS staff paper by the Monetary Authority of Singapore on dark trading could be worth pondering in the light of efforts to rejuvenate the local stock market.

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Singapore central bank sees economy undergoing 'fits and starts'

SINGAPORE (Oct 30): Singapore’s economic growth will remain uneven through the end of the year, with weakness concentrated in trade and manufacturing, before halting its downtrend in 2020, the central bank said.

The city state’s prospects are in line with the path of the global economy, which should “stabilize” next year, the Monetary Authority of Singapore said in its Macroeconomic Review on Wednesday. The domestic economy “could experience fits and starts for the rest of the year, and into 2020,” the MAS said.

MAS Macroeconomic Review Forecasts

IMF cuts growth forecast but MAS expects recovery; Kimly buys canteens

SINGAPORE (Oct 28): The International Monetary Fund has slashed its 2019 growth prediction for Singapore to 0.5%, down from its July estimate of 2%. This is IMF’s second downward revision for the city state; in its World Economic Outlook report in April, it had forecast a growth of 2.3%.

The situation is not expected to get much better next year, either. “Growth is projected to remain subdued at 1% in 2020, given Singapore’s dependence on external trade,” Jonathan Ostry, Deputy Director of the IMF’s Asia and Pacific department says at a press conference on Oct 23.

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US currency manipulation threat puts Asia nations on guard

(Oct 24): Asia is bracing for the latest US Treasury report on foreign currency manipulators, coming in the middle of a trade war that shows no sign of ending.

IMF cuts Singapore's 2019 growth forecast to 0.5%

SINGAPORE (Oct 23): The International Monetary Fund (IMF) has slashed its 2019 growth prediction for Singapore to 0.5%, down from its previous estimate of 2% in July.

This is the second downward revision by the IMF, which had forecast a 2.3% growth for the city state in its World Economic Outlook in April.

Amid an uncertain global economic outlook plagued by the downturn in electronics and exports, Singapore officials currently forecast a growth rate of between 0% and 1% this year.

Singapore seen narrowly dodging recession in third quarter, central bank to ease

SINGAPORE (Oct 7): Singapore’s economy likely escaped a technical recession in the third quarter even as growth stayed subdued, weighed down by the prolonged trade dispute between the United States and China, a Reuters poll showed.

Gross domestic product (GDP) is expected to have increased 1.5% on a quarter-on-quarter, seasonally adjusted and annualized basis in July-September, according to the median forecast of 11 economists in the poll.

Singapore hasn't entered recession yet, minister says

(Oct 3): Singapore’s economy probably hasn’t slid into recession yet, though the government is monitoring conditions closely and will step in with support measures if needed, said Indranee Rajah, minister in the Prime Minister’s Office.

“We’re not new to difficult economic situations, we’re not new to recessions,” Rajah, who is also Singapore’s second minister for finance and for education, said in an interview Thursday with Bloomberg Television’s Juliette Saly. “We don’t think we’ve gone into a recession as yet, but we’re keeping a very close eye on it.”

Singapore's factory output plunges as trade war pain deepens

SINGAPORE (Sept 26): Singapore’s factory output plunged in August by the most in almost four years, a sign that the city state’s manufacturing downturn could be deepening.

Industrial production dropped 8% from a year earlier, the weakest since December 2015 and worse than all the forecasts in a Bloomberg survey of economists. It shrank 7.5% on a seasonally adjusted monthly basis, the Economic Development Board said in a statement Thursday.

Singapore economy shows some signs of hope as trade war drags on

SINGAPORE (Sept 10): It may not be all doom and gloom for Singapore’s economy.

Recent data and anecdotal evidence suggest gross domestic product will probably grow in the third quarter after shrinking in the previous three months, according to economists including Chua Hak Bin at Maybank Kim Eng Research and Barnabas Gan at United Overseas Bank.

That would mean the city state will narrowly avoid a technical recession, commonly defined as two consecutive quarters of contraction.

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