IMF sees much stronger US growth, 2021 GDP up 7.0%

WASHINGTON (AFP) – The IMF is bullish on the US economic recovery, predicting growth will hit 7 per cent this year – much stronger than previously forecast and “the fastest pace in a generation,” the Fund said in a report on Thursday. The cheery analysis is a boon to President

Global tourism not seen rebounding till 2023, Covid-19 losses could top $5.4 trillion: UN

GENEVA (REUTERS, AFP) – International tourism arrivals are set to stagnate this year amid the lack of widespread vaccination in developing countries, causing up to US$2.4 trillion (S$3.2 trillion) in losses, a United Nations study said on Wednesday (June 30), adding the sector is not expected to rebound fully until

S'pore bank lending up 0.2% in May as business loans pick up, loans to consumers hold steady: MAS data

SINGAPORE (THE BUSINESS TIMES) – Bank lending in Singapore rose 0.2 per cent in May as business loans pick up and loans to consumers hold steady, data from the Monetary Authority of Singapore showed on Wednesday (June 30). Loans through the domestic banking unit – which captures lending in all currencies,

Indonesia left with few options as Covid-19 surge hits economy

JAKARTA (BLOOMBERG) – Indonesia is left with few easy options to bolster its economy as a virus resurgence threatens its recovery at a time when it’s seeking to rein in debt and the US Federal Reserve is turning hawkish. South-east Asia’s largest economy cut rates last year and rolled out

Fed chief offers more assurances on US economy despite inflation

NEW YORK (AFP) – The US economy remains on a positive trajectory even as it contends with higher inflation, according to congressional testimony released on Monday (June 21) by the head of the Federal Reserve. Fed chair Jerome Powell, in prepared remarks ahead of a House hearing on Tuesday, reiterated

Singapore loses its top spot in global competitiveness study, now ranks 5th

SINGAPORE – Singapore has tumbled from its top spot as the world’s most competitive economy to fifth place, but remains Asia’s top performing economy. The Republic ranked first in the past two years of the Institute for Management Development (IMD) World Competitiveness Ranking, whose latest list was released on Thursday

Global minimum corporate tax unlikely to dim Singapore's allure as high-tech hub

SINGAPORE – Singapore has way more to offer as a hub for global tech giants and multinational corporations (MNCs) than low corporate taxes that are now subject to the biggest revamp in decades led by the world’s largest economies, say business leaders and tax experts. There are many destinations in

Japan emergency curbs push private-sector factory activity into contraction, while consumer prices extend falls

TOKYO (REUTERS) – Japan’s factory activity expanded at a slower pace in May as growth in output and new orders eased, in a sign emergency curbs to stem a rise in coronavirus infections were hampering the country’s economic recovery. Activity in the service sector contracted at the fastest pace in

Allow foreign workers into S'pore in safe and controlled manner, say construction firms

SINGAPORE – Key representatives from the construction industry and built environment sector are appealing to the Government to allow foreign workers to enter Singapore in a safe and controlled manner as the pandemic continues to cause manpower constraints. A statement issued on Monday by the Construction Industry Joint Committee – comprising

MAS keeps Singdollar policy unchanged amid low inflation outlook

It is a case of steady as she goes for the country’s monetary policy with the central bank’s widely expected decision yesterday to keep the currency’s range of movement unchanged. Expectations that core inflation will stay low this year were behind the move, although analysts say there is a chance