The Ministry of Trade and Industry (MTI) of Singapore on November 23 narrowed its forecast contraction to between 6 percent and 6.5 percent in 2020, from 5 percent to 7 percent before, as GDP improved in the third quarter.
The Ministry of Trade and Industry (MTI) of Singapore on November 23 narrowed its forecast contraction to between 6 percent and 6.5 percent in 2020 (Photo: businesstimes.com.sg)
Singapore (VNA) – The Ministry of Trade and Industry (MTI) ofSingapore on November 23 narrowed its forecast contraction to between 6 percentand 6.5 percent in 2020, from 5 percent to 7 percent before, as GDP improved inthe third quarter.
The economy shrank by 5.8 percent year-on-year in Q3, beating an earlierestimate of a 7-percent decline, on better-than-expected factory output inSeptember. The latest print takes the contraction for the first nine months to6.5 percent.
The country’s GDP is projected to grow by 4 percent to 6 percent in 2021, asthe world's major economies recover from the economic disruption of theCOVID-19 pandemic.
The recovery of the Singapore economy in the year ahead is expected to begradual, and will depend to a large extent on how the global economy performsand whether Singapore is able to continue to keep the domestic COVID-19situation under control, the MTI added.
With Singapore in the second phase of its three-stage reopening, the economyshrank by a more gradual 5.8 percent year-on-year in the July-September period,moderating from the 13.3 percent plunge seen in the three months prior.
On a quarter-on-quarter basis, Singapore's GDP added 9.2 percent in the third quarter,after slipping 13.2 percent in the second quarter./.
Vietnam’s economy could grow bigger than Singapore by 2029, the UK-based Global Business Outlook recently cited the Development Bank of Singapore (DBS)’s report.
Singapore will soon ratify the Regional Comprehensive Economic Partnership (RCEP) agreement which was signed by 15 member countries on November 15, said Minister for Trade and Industry Chan Chun Sing.
The “Air travel bubble” between the Hong Kong Special Administrative Zone (China) and Singapore was postponed on November 22, less than 24 hours before it was due to launch.
India, Singapore, and Thailand are conducting a trilateral naval exercise, called SITMEX-20, in the Andaman Sea on November 22 and 23, aiming to strengthen cooperation in combat and share experience.
The forum, which involves global experts and creative leaders from across 14 cultural sectors, aims to expand Thailand’s presence on the world stage through innovation and cultural exchange.
In his article, Oscar Sanchez Serra highlighted President Ho Chi Minh’s founding of the Thanh Nien (Young People) newspaper on June 21, 1925, which marked the birth of Vietnam's revolutionary press rooted in a bold and far-sighted vision.
Several ASEAN meetings are scheduled to take place in Port Dickson this September, including the Senior Officials' Meeting (SOM) for ASEAN Plus Three (APT), the East Asia Summit (EAS), the 15th ASEAN Maritime Forum, and the 13th Expanded ASEAN Maritime Forum.
Thailand's Prime Minister Paetongtarn Shinawatra has ordered the urgent implementation of a national policy to crack down on all forms of call centre scams, online fraud, and illegal gambling, which are now considered threats to national security.
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.
The Ministry of Trade and Industry (MTI) of Singapore on November 23 narrowed its forecast contraction to between 6 percent and 6.5 percent in 2020 (Photo: businesstimes.com.sg) 
