Myanmar gains Singapore know-how
SINGAPORE, 1 February 2012: Myanmar signed an agreement with Singapore, Monday, seeking the financial centre’s help as the country emerges from political and economic isolation after decades of military rule.
President Thein Sein arrived Sunday for a four-day state visit to the city-state accompanied by a top-level delegation which included business leaders and top ministers in charge of economic portfolios.
Thein Sein met with Prime Minister Lee Hsien Loong Monday to witness the signing by their foreign ministers of an agreement under which Singapore will provide training for reforms in the legal, banking and financial sectors.
Cambodia’s economy expands
PHNOM PENH, 15 December 2011: Cambodian Prime Minister Hun Sen on Wednesday said the country’s economy would grow by about 7% in 2011 despite the agricultural damage caused by unusually heavy flooding.
Cambodia’s deadliest floods in over a decade, triggered by heavy rains in August and September, killed at least 247 people and destroyed nearly one tenth of the nation’s rice paddies.
“I would like to confirm that although the agricultural sector growth is at zero percent, Cambodia’s economic growth rate will be around seven percent this year,” Hun Sen said during a graduation ceremony in Phnom Penh.
Democrats attack PM flood plan
BANGKOK, 10 November 2011 – Thailand’s opposition lashed out Wednesday at Prime Minister Yingluck Shinawatra’s financial plans for dealing with the worst floods in half a century, saying the economy was under threat.
Her main rival Abhisit Vejjajiva, leader of the Democrat Party, urged Yingluck to forgo certain populist spending policies such as help for first-time home and car buyers and to divert the money to flood victims.
“The government has not reviewed and prioritised the economy and therefore, is jeopardising the next phase of economic management,” said the former premier, who was replaced by Yingluck after a July election defeat.
Singapore shaves expectations
SINGAPORE, 21 October 2011 – Singapore must get used to slower economic growth in the next 10 years as it faces tougher global competition and tightens the inflow of foreign workers, Prime Minister Lee Hsien Loong said Thursday.
Constraints of space and a small population will also limit the city-state’s ability to maintain the exceptionally high growth rates it has achieved in the past, Lee said in a speech in parliament.
“Our growth is likely to slow down. Our economy is more developed, it can’t expand in the same… way it used to – seven to eight percent a year effortlessly year after year,” said Lee. Read more
Flood impact on Thai economy
October 13, 2011 by Wanwisa Ngamsangchaikit
Filed under News, Thailand
BANGKOK, 13 October 2011 – The State Railways of Thailand says flood damage will cost it Bt76.7 million in lost revenue after it was forced to stop all services on the northern line late last month.
SRT governor, Yutthana Tubcharoen, said since 26 September to 10 October it cancelled 306 train services on the northern line including 580 cargo trains, the segment that makes the most revenue.
“We are down Bt43.2 million and of that Bt33.5 million is the loss on cargo trains,” he said. Read more
Tapping Chinese investors
BEIJING, 1 September 2011 – Philippine President Benigno Aquino said Wednesday his country was “open for business” during a visit to Beijing as he set about wooing Chinese investors in tourism, agriculture and infrastructure.
Aquino, on a mission to secure billions of dollars in business deals, vowed to rid the Philippines of corruption and ensure foreign companies “are met with a level playing field” during a five-day visit.
“Investors will not any more have to rely on connections in order to set up shop; the rules will not be circumvented and the law will be followed, creating an environment that is stable and predictable,” Aquino told a trade forum in the Chinese capital. Read more
Asia resilient to global slowdown
SINGAPORE, 23 August 2011 – Asia’s economic growth will likely be hurt by the slowdown in the United States and Europe, but the impact should be minimal, the Asian Development Bank said Tuesday.
ADB chief economist Changyong Rhee said the development institution is expected to slash its economic growth forecast for Asia’s developing economies this year and next.
“Definitely, it’s going to slow down and we have already started to see some slowdown in exports from Asia,” he told journalists in Singapore. Read more
Singapore costly place to live?
June 9, 2011 by AFP
Filed under News, Southeast Asia
SINGAPORE, 9 June 2011 – Singapore has overtaken Hong Kong to become the third costliest economy in Asia for expatriates’ daily needs because of its strengthening currency, human resource firm ECA International said Wednesday.
It said the Singapore dollar, which has surged by more than 10%t against the greenback, pushed the city-state to third place above Hong Kong, with Japan and South Korea remaining the two most expensive countries.
ECA International carries out a survey twice a year by measuring a basket of common items purchased by expatriates in more than 400 locations globally, such as dairy produce, vegetables, clothing and meals out.
India strengthens links with ASEAN
March 3, 2011 by AFP
Filed under News, South Asia
NEW DELHI, 3 March 2011 – India and the 10-nation ASEAN bloc aim to increase trade 40% by 2012 on the back of a free trade pact and push for deeper economic integration, an New Delhi said on Wednesday.
Asia’s third-largest economy has long courted its eastern neighbours under its “Look East” policy, hoping for increased commerce and investment with the ASEAN zone of nearly 600 million people.
India is already a strong business partner with Singapore, Malaysia and Thailand but is keen to expand its presence in Indonesia and Vietnam. Tourism is a strong component in trade talks due to India transformation into a major supply market for ASEAN destinations.
Recover beset by tension and strains
SINGAPORE, 1 February 2011 – Widening imbalances across and within countries are sparking tensions which threaten to derail the fragile global economic recovery, the IMF chief said Tuesday.
International Monetary Fund managing director, Dominique Strauss-Kahn, warned that these tensions could lead to rising protectionism, social and political instability and even spark war.
“While the recovery is underway, it is not the recovery we wanted,” he said at a public lecture in Singapore.
