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This is a reminder that despite the whippy year-on-year and quarter-on-quarter seasonally adjusted prints, there are still sectors within the Singapore economy that have not recovered to their pre-COVID levels yet, albeit we are gradually getting there, she said. For more information on special travel arrangements that Singapore has implemented with other countries/regions, please go tohttps://safetravel.ica.gov.sg. Join ST's Telegram channel here and get the latest breaking news delivered to you. Global GDP contracted by 6.0%1 in H1 2020 as the pandemic swept across the world and Found inside Page 284It played a vital role in Singapore's economic recovery between 2008 and 2010 (Wei 2010). The steady growth in the housing price was taken as a sign of economic recovery and boosted market confidence. Companies reacted by expanding All rights reserved. 198402868E. NODX grew at a faster rate of 8.8 per cent in May, following a 6 per cent gain in April and extending a positive growth trend seen since December last year. (Bloomberg) -- Its hard to think of someone who would have their finger on the pulse of Singapores hospitality industry better than Loh Lik Peng. While the construction sector expanded 98.8 per cent year-on-year in the second quarter, it remained 31.6 per cent below its pre-pandemic level seen in the same quarter of 2019. Found inside Page 4Employment and Income Distribution As would be expected, employment growth has lagged economic recovery and unemployment peaked at 4% in 2003. However, the strong output growth since then has been complemented by robust employment Rapid progress with COVID-19 vaccinations should allow for more social distancing measures to be relaxed, further supporting a sequential GDP growth recovery in the second half, said Mr Tan. Until we resolve the issues, subscribers need not log in to access ST Digital articles. Found inside Page 98That China has sustained its recovery and growth momentum is demonstrated by its 11.9 percent GDP growth rate during the first quarter The Singapore economy is built on the manufacturing and services sectors, particularly finance. Found inside Page 2In 1961, Dr Albert Winsemius, a Dutch economist who had had a hand in reshaping the post-war Dutch economic recovery, led the UN team to advise Singapore on industrialisation. Dr Winsemius would be among the first foreign experts to Downloadourappor subscribe to our Telegram channel for the latest updates on the coronavirus outbreak:https://cna.asia/telegram. Prospects for sectors less affected by the pandemic, such as manufacturing, have brightened,but those for sectors worst-hit, like air transport and accommodation, have deteriorated somewhat amid the global rise in Covid-19 cases and the emergence of more contagious virus strains, which have diminished hopes of a substantial reopening of international borders in the near term. Found inside Page 176Tan K.Y., Wu, F., Toh, M.H., Thia, J.P. and Yeo, H.S. (2002) Employment growth will trail economic recovery in 2002: Evidence from econometric estimates, Economic Survey of Singapore, First Quarter, Ministry of Trade and Industry, (The speech is) a possible platform for announcinga significantrelaxation of social distancing measures and further details on how Singapore will operate in the new normal, wrote the Barclays economist. Singapore said its economy will probably expand 4% to 6% next year amid a global recovery from the worst of the coronavirus pandemic and as travel restrictions and local safety measures are eased. However, economic activity in sectors such as aviation and tourism will remain below pre-COVID levels for some time. Mr Alex Holmes from Capital Economics noted that while the economy stumbled in the second quarter, a recovery is likely already back on track with the restrictions being loosened over the last few weeks as infection rates dropped.. Found inside Page 129It was in this context that international investment flowed back into Singapore's manufacturing sector and provided the basis for an impressive economic recovery. MANUFACTURING DEVELOPMENT AND INTERNATIONAL CAPITAL, 197678 From the Found inside Page 173According to the report 2010 ASEAN Business Outlook published by the Singapore American Chamber of Commerce in August 2010, due to Singapore's strong economic recovery, US businesses in Singapore were more optimistic about the outlook Singapores economy contracted 5.4 per cent last year, the worst recession since the island nations independence in 1965. Singapores economy continued its slow recovery from the worst slump in the countrys history, with mainstays such as trade and tourism hammered by the coronavirus pandemic. Found inside Page 289The direct concern of the NWC is with the role which wage policy can play in arresting the economic decline and in speeding up economic recovery. We note that the Government has already taken numerous measures with the same objectives The momentum for some modern services segments could moderate in the coming quarters, such asfund management and insurance. In his note titled A stumble, not a fall, he added that it supported his view of the economy being more resilient this time, compared with last years drastic two-digit plunge amid the circuit breaker. The travel-related sector has shown few indications of a revival so far, with the air transport segment remaining muted and hotel occupancy in Singapore falling after the year-end surge in demand, MAS said. You have reached your limit of subscriber-only articles this month. NASA works to give satellite swarms a hive mind; Genesco (GCO) Q2 2022 Earnings Call Transcript | The Motley Fool; Quanex Building Products (NX) Q3 Earnings Match Estimates A view of the Singapore skyline | Photo by Mike Enerio (@mikeenerio) / Unsplash. Learn more. This questionnaire should take no more than a minute to complete. Let us know how you would like to be notified of the latest articles by your favourite. Found inside Page 58Since the post - severe acute respiratory syndrome ( SARS ) economic recovery in 2003 , the Singapore economy has experienced two growth cycles ( Exhibit 6 ) Copyright 2021 Ministry of Trade and Industry, Rebuilding to Emerge Stronger and More Competitive, Anchor Locally while Capturing Value from Innovation to Compete Globally, Partner Industry for Local Enterprises to Emerge Stronger from COVID-19, Partner Industry for Local Enterprises to Emerge Stronger, Pro-Enterprise Panel - Submit A Suggestion. Looking at the trends in early 2021, the trade-related industry's continued upward trend was supported by the resilient manufacturing sector - industrial production expanded 8 per cent quarter on quarter in the January to March period on a seasonally adjusted basis - but the modern services sectors saw slower expansion in the early months of the year. On a quarter-on-quarter seasonally-adjusted annualised basis, the economy shrank by 4.7 per cent compared to the last quarter of 2019, when the economy grew by 0.6 per cent then. We know it's a hassle to switch browsers but we want your experience with CNA to be fast, secure and the best it can possibly be. Subsequently, a major turnaround occurred in 2004 allowed it to make a significant recovery of 8.3% growth in Singapore, although the actual growth fell short of Singapore's quick recovery from the recent economic crisis is attributed to its strong public policies. This book suggests further strengthening of the country's public policy in order to improve its competitive edge in the 21st century. Found inside Page 94At this time of gradual economic recovery , it is the government that is Already our productivity trends are low compared to Singapore , Hong Kong Barclays Bank economist Brian Tan said the latest quarter-on-quarter GDP contraction was relatively modest. The more sobering reality, though, is that this recovery will probably be very gradual, falling short of a full restoration of pre-Covid activity. SINGAPORE (Feb 15): Singapore's economy contracted less than initially estimated in the fourth quarter, putting the country on a path to a gradual recovery in 2021 after it marked its worst ever recession last year due to the COVID-19 pandemic. Our economy has seen signs of recovery since the depths of the COVID-19 pandemic last year. Found inside Page 139In the aftermath of the Great Recession (US Sub-prime Crisis), Singapore's economic recovery was a tad slower than other countries in the Asia. The dynamism and agility of the economy became topical discussion points. could in turn weigh on global trade and the global economic recovery. But while there is upside for expansion from the likes of a stronger-than-anticipated upturn in the global electronics cycle, downside risks such as Covid-19 virus mutation and vaccination efficacy remain, it noted. A view of the Singapore skyline. Found inside Page 179competitiveness of Singapore and helped to turn around the economy by the end of 1986. The recovery seemed to be on firm footing. Singapore's economic recovery was swift and strong, with GDP growing by an annual average of 9.5 percent To continue, upgrade to a supported browser or, for the finest experience, download the mobile app. Singapores economy expanded at a faster pace in the third quarter than earlier estimated, with the city state projecting the recovery will take hold next year. By clicking subscribe, I agree to receive news updates and promotional material from Mediacorp and Mediacorp's partners. Found inside Page 154Low economic growth remained Under the influence of weak global economic recovery and domestic economic transition, Singapore's GDP growth slowed to 2.8% in 2014. According to the Department Of Statistics, Singapore, Singapore's total Found inside Page 3SUMMARY Singapore emerged from the shadow of the 1 year 1985-86 recession and registered 1.9 percent GDP growth for all 1986 . However , the recovery was uneven . Export - oriented industries tended to do well , but the performance of Ways to boost Singapores economic recovery. After its worst shrinkage, Singapore sees 2021 economic rebound. Mr Chiang said he expects thisrecent strong growth in NODX to remain resilient. By submitting this form, I agree that the personal data and other information that I provide in this survey will be collected by Singapore Press Holdings for the analysis of user-provided data for the improvement of SPH products. Found inside Page xixSingapore generously hosted the First Ministerial Conference of the WTO in 1996, and I retain warm memories of the close The task now is to ensure it makes a positive contribution not only to economic recovery but also to the MTI will continue to press on with our economic strategies to ensure that Singapore is in a good position for recovery once the COVID-19 situation stabilises, and to allow all Singaporeans to seize the opportunities to redefine our competitive edge. The citys rapid economic recovery is also evident in Singapore incorporation activity, which is steadily rising month after month. Next month could also see an upgrade in the official growth forecast range, which remains at 4 per cent to 6 per cent for now. Found inside Page 169Continued Resilience of the ESCAP Region Despite World Economic Slow-down - Challenges of Macroeconomic Management and Evolving Policy Reforms United Nations High growth resumed in Singapore after a modest economic recovery in 1986. SINGAPORE: Singapores economic recovery remains intact despite a stumble in the second quarter, economists said following the release of preliminary economic data on Wednesday (Jul 14). Joining the Lion City are Hong Kong, Thailand and Malaysia. MizuhoBanks head of economics and strategy Vishnu Varathan noted lingering downside risks and lurking interruptions to the recovery as the spread of the more contagious Delta variant around the region casts a shadow on Singapores small, open economy. I also declare that I have read, understood and accepted SPH's Terms and Conditions. Regardless, the days ahead will reman daunting. Gross domestic product last quarter grew 2.1% on a seasonally adjusted basis compared to the previous three months, according to advance estimates from the Ministry of Trade and Industry released Monday. Economists also pointed to a speed-up in Singapores vaccination programme, which would help pave the way for a further reopening of the economy. But experts reckoned that this wasa temporary setback. By registering, you agree to our T&C and Privacy Policy. Found inside Page 20The Singapore economy is recovering from another turbulent year. Nevertheless, output growth for the year remained positive, at close to 1 percent, and a strong economic recovery has taken hold, led by external demand. The region will likely go back to its pre-COVID levels by Q1 2021. Most of the services sectors, such as wholesale and retail trade, transportation and storage, as well as accommodation and food services, also remain below pre-pandemic levels. MAS said that Singapore's economic growth is likely to top 6 per cent this year, exceeding the upper end of the 4 per cent to 6 per cent official growth forecast, barring a significant setback in activity from a weaker recovery of the global economy or a surge in locally transmitted cases. This service is not intended for persons residing in the E.U. Singapores economy is slated to be amongst the last to recover in Asia excluding Japan (AxJ) from the effects of the COVID-19 pandemic, according to a Morgan Stanley report. While recovery across sectors is expected to be uneven, we are cautiously optimistic that the recovery of the overall Singapore economy will continue at a steady, albeit gradual, pace in the year ahead. Found inside Page 72The reduction in labor cost which was aimed at through lowering the employers' CPF contribution rate was a calculated risk, one that would increase significantly if recovery did not occur soon enough. Fortunately, the Singapore economy Found inside Page iThis carefully chosen collection of some of these essays authored over the years brilliantly maps out the contours of change and transformation that have shaped Southeast Asias recent history, and captures the dynamism of this Mediacorp Pte Ltd. All rights reserved. SINGAPORE The Ministry of Trade and Industry reported Singapores growth domestic product (GDP) shrank 0.7 per cent for the first quarter on a year-on-year basis. The dip in the quarter-on-quarter figure was due to the tightening of public safety measures under the "Phase 2 (Heightened Alert)" that lasted fromMay 16 to Jun 13. Found insideSingapore. SGP-I 1 Money Laundering, Asset Forfeiture and Compliance SGP-I (2021) and insurance services.2.1 The importance of services to Singapore's economy has experienced significant growth in recent decades. Get unlimited access to all stories at $0.99/month for the first 3 months. Found inside Page 63Singapore strong trade links to the US and China have helped this economic recovery as both economic giants speed up their own economic growth. The increase in outward FDI from developing economies has outpaced the world average since Businesses can go to covid.gobusiness.gov.sg for more information regarding the temporary suspension of activities. That said, some concerns remain such abouthow COVID-19-related risks may evolve in the months ahead for Singapore, as well as across the countrys key trading partners, said Mr Gan. "The silver lining is that Singapore's economy appears to be on track for a sustained recovery in 2021. Singapore economy: COVID-19 pandemic results in worst GDP contraction but signs of recovery observed in late 2020. Mr Tan said the outlook could be raised to 6 per cent to 8 per cent, while Maybank Kim Eng economists Chua Hak Bin and Lee Ju Ye are pencilling in a narrower range of 6 per cent to 7 per cent. Copyright Mediacorp 2021. But this robust estimate comes despite the continued unevenness in economic recovery and higher uncertainty, it cautioned. SPH Digital News / Copyright 2021 Singapore Press Holdings Ltd. Co. Regn. Singapore's Prime Minister Lee Hsien Loong spoke on Friday 27 March about the impact which the COVID-19 pandemic has and is likely to have on the economy. Found inside Page 246Economy, Culture, and Politics Kenneth Paul Tan It is widely believed that Singapore's economic recovery is highly dependent on the US economy and the government cannot do much to change things ( The Straits 246 SYLVIA LIM. Found inside Page 1948This book is an annual effort by the economists from the Nanyang Technological University to provide analysis, interpretations and insights on contemporary economic issues affecting Singapore.In 2010, Singapore's economy was just recovering New feature for you subscribers need not log in to access ST Digital articles policy responses the. 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