COVID-19 makes Singapore face first recession in nearly two decades
Singapore is edging towards its first full-year recession in nearly two decades as neighboring Malaysia’s travel ban cuts off a key source of labor and its economy is hit by COVID-19 pandemic, forcing the central bank to loosen policy.
Woodlands Causeway between Singapore and Malaysia (Photo: VNA)
Hanoi (VNA) - Singapore is edging towards its first full-year recession innearly two decades as neighboring Malaysia’s travel ban cuts off a key sourceof labor and its economy is hit by COVID-19 pandemic, forcing the central bankto loosen policy.
Economist KhoonGoh at ANZ bank warned that financial conditions have tightened considerably inrecent weeks, and the lockdown being imposed by countries to contain the epidemicmeans a recession in Singapore cannot be avoided.
Meanwhile,economist Prahask Sakpal said the Malaysian government’s overseas travel bantill March 31 will deal a blow to Singapore’s small- and medium-sizedenterprises which rely on workforce from the neighbouring country.
Singapore isalso set to unveil the second economic package to help businesses and workers,which is believed to be more effective than monetary action in the near term.
The SingaporeanHealth Ministry reported additional 23 COVID-19 infection cases on March 17alone, its biggest daily jump, bringing the total to 266./.
The Singaporean Government on March 12 announced that more polling districts will be added to six out of the seven group representation constituencies (GRCs).
Singaporean government has announced that from 11:59pm on March 16, all passengers, including Singaporeans, entering Singapore from ASEAN, Japan, the UK and Switzerland, must be self-quarantined for 14 days.
A scheduled visit by Singaporean Prime Minister Lee Hsien Loong to Australia will be replaced by a video conference in view of Australia's COVID-19 restrictions, Singapore's Ministry of Foreign Affairs (MFA) said on March 16.
Coordinating Minister for Economic Affairs Airlangga Hartarto and EAEU Trade Minister Andrey Slepnev jointly declared the conclusion of FTA talks on the sidelines of the 28th St. Petersburg International Economic Forum (SPIEF 2025), according to the statement.
The article stressed that throughout his revolutionary career, the founder of modern Vietnam consistently regarded the revolutionary press as a vital part of the Vietnamese Party’s and nation’s revolutionary struggle.
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.
The proposed venue is located in the Chatuchak area of Bangkok, featuring eight public sites, including Krungthep Aphiwat Central Terminal and several nearby parks.
Connectivity is expected to improve further with the completion of the fifth Laos–Thailand Friendship Bridge by the end of 2025, facilitating logistics and agricultural exports to Vietnam, Thailand, and China.
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.
Prensa Latina's recent article on Vietnam’s assurance of smooth and effective transition to a leaner structure highlighted Prime Minister Pham Minh Chinh’s latest directions on implementing 28 resolutions regarding the decentralisation and delegation of authority.
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.
The key content of the document titled "Accelerating Innovative Strategies: Addressing the OOSCY Challenges" will be refined further in a seminar preceding the 47th ASEAN Summit in Kuala Lumpur this October.
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.
Woodlands Causeway between Singapore and Malaysia (Photo: VNA) 
