The International Monetary Fund (IMF) predicted that the recovery in manufacturing, tourism and consumer-facing services will create momentum for Singapore’s economy to grow by 2.1% in 2024, a pickup from 1.1% last year.
People shop at a supermarket in Singapore (Photo: AFP/VNA)
Hanoi (VNA) – The International Monetary Fund (IMF) predicted that the recovery in manufacturing, tourism and consumer-facing services will create momentum for Singapore’s economy to grow by 2.1% in 2024, a pickup from 1.1% last year.
An IMF team led by Masahiro Nozaki gave the forecast after conducting discussions with representatives of Singapore during May 7-16.
The team projected this city state's headline and core inflation will moderate to 3% this year, with the latter expected to stabilise at around 2% by 2025.
According to Nozaki, inflation in Singapore tends to persist due to uncertainties in global energy and food prices as well as rising labour costs. He called on the country to maintain a tight monetary policy until inflationary pressure eases, and to adjust the policy in a timely manner to stabilise prices once there are firm signs of disinflation.
The expert also noted the support programme that the Singaporean Government is providing for vulnerable households and firms is appropriate and will complement the tight monetary policy stance.
The IMF team believes that with strong public finance and the balanced budget rule, Singapore can address future risks and medium- and long-run spending needs arising from the rapidly ageing population, demand for higher productivity and climate-change risks./.
In the fourth edition of the Chandler Good Government Index (CGGI) released on May 15, Singapore topped the global ranking that tracks the effectiveness of more than 100 governments around the world for the second consecutive year.
The Monetary Authority of Singapore (MAS) on April 12 announced that it has decided to keep its monetary policy unchanged, in line with expectations, as inflation and economic growth in the city-state moderated.
Singapore was the top start-up investment destination in Southeast Asia in 2023 despite a downturn in funding, according to a new report by Enterprise Singapore and DealStreetAsia.
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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.
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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.
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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.
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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.
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