Singapore’s economy expanded less than previously estimated in the first half of this year and growth may “moderate” in the coming months, Singaporean Prime Minister Lee Hsien Loong (李顯龍) said.
The city-state’s GDP rose 17.9 percent in the six months through June from a year earlier, Lee said in a televised National Day message yesterday. That compares with a record 18.1 percent pace reported last month. The economy may grow 13 percent to 15 percent this year, Lee said, reiterating an earlier forecast.
Singapore is in the running to be the world’s fastest-growing economy this year as it celebrates the 45th year of independence tomorrow with a parade of tanks, artillery and fighter jet displays. The expansion is part of an Asian rebound that has prompted Taiwan, South Korea, Malaysia and India to raise interest rates and Singapore to revalue its currency, even amid concern Europe’s debt crisis may impair global growth.
“Risks remain in the world economy, especially in Europe and the US,” Lee said. “The global financial system is not fully mended. If the world economy turns bad, we will be buffeted. We need to stay vigilant and watch the developments worldwide.”
Singapore’s economy grew an annualized 26 percent in the second quarter from the previous three months as tourism and exports surged, according to initial government estimates released on July 14. The trade ministry will release updated GDP data tomorrow.
A government-appointed panel earlier this year unveiled strategies to help the city state grow at a sustainable rate and faster than advanced economies. The country aims to at least double its productivity growth to between 2 percent and 3 percent annually in the next decade after the rate averaged 1 percent in the past 10 years. It has raised levies on foreign workers to reduce companies’ reliance on cheap imported labor.
Lee said at the end of last year he would “moderate” the inflow of foreign workers so that citizens aren’t “overwhelmed.”
The Eurovision Song Contest has seen a surge in punter interest at the bookmakers, becoming a major betting event, experts said ahead of last night’s giant glamfest in Basel. “Eurovision has quietly become one of the biggest betting events of the year,” said Tomi Huttunen, senior manager of the Online Computer Finland (OCS) betting and casino platform. Betting sites have long been used to gauge which way voters might be leaning ahead of the world’s biggest televised live music event. However, bookmakers highlight a huge increase in engagement in recent years — and this year in particular. “We’ve already passed 2023’s total activity and
Nvidia Corp CEO Jensen Huang (黃仁勳) today announced that his company has selected "Beitou Shilin" in Taipei for its new Taiwan office, called Nvidia Constellation, putting an end to months of speculation. Industry sources have said that the tech giant has been eyeing the Beitou Shilin Science Park as the site of its new overseas headquarters, and speculated that the new headquarters would be built on two plots of land designated as "T17" and "T18," which span 3.89 hectares in the park. "I think it's time for us to reveal one of the largest products we've ever built," Huang said near the
China yesterday announced anti-dumping duties as high as 74.9 percent on imports of polyoxymethylene (POM) copolymers, a type of engineering plastic, from Taiwan, the US, the EU and Japan. The Chinese Ministry of Commerce’s findings conclude a probe launched in May last year, shortly after the US sharply increased tariffs on Chinese electric vehicles, computer chips and other imports. POM copolymers can partially replace metals such as copper and zinc, and have various applications, including in auto parts, electronics and medical equipment, the Chinese ministry has said. In January, it said initial investigations had determined that dumping was taking place, and implemented preliminary
Intel Corp yesterday reinforced its determination to strengthen its partnerships with Taiwan’s ecosystem partners including original-electronic-manufacturing (OEM) companies such as Hon Hai Precision Industry Co (鴻海精密) and chipmaker United Microelectronics Corp (UMC, 聯電). “Tonight marks a new beginning. We renew our new partnership with Taiwan ecosystem,” Intel new chief executive officer Tan Lip-bu (陳立武) said at a dinner with representatives from the company’s local partners, celebrating the 40th anniversary of the US chip giant’s presence in Taiwan. Tan took the reins at Intel six weeks ago aiming to reform the chipmaker and revive its past glory. This is the first time Tan
RSS