SINGAPORE, Aug 8 – Singapore’s trade-driven economy is likely to grow by 1.5 to 2.5 per cent this year, Prime Minister Lee Hsien Loong said today, narrowing the outlook from an earlier forecast of 1 to 3 per cent.
Lee also said in his National Day address that Singapore’s economy expanded 1.7 per cent in the first half, indicating growth in the second quarter was around 2 per cent year-on-year – below the median estimate of 2.3 per cent from economists.
The city-state’s government reported first quarter growth of 1.7 per cent.
Singapore will release detailed gross domestic product data for April to June on Friday that will likely show the economy expanded slightly on a sequential basis, contrary to initial estimates that showed a contraction.
But the outlook is weak and manufacturing activity contracted in July after two months of gains as new orders fell, the latest Purchasing Manager’s Index showed. – Reuters
So many years of milking the cow until the cow has no milk, any fool can see that Singapore is doomed except for the rich and elite, now he called on Singaporeans to support a move by the government to ensure Singapore would remain a success story in the next 20 years, what 20 years? Before 2016 the bottom 20 per cent of the poor would already starved to death, balance of the 20 per cent will be a walkover for PAP. Until PAP wakes up to the need to fatten the cow, it will draw no milk today and the next 20 years and forever. If you do not create wealth for the food chain, you will end up eating from the bottom.
Hyperinflation due to bad management policies by the PAP has already driven Singapore into a recession, if nothing is done soon, before 2016 Singapore will not be able to compete in the global arena, Singaporeans will be an outcast in their own land, everything points to a dead end for the poor, only the rich can easily relocate their monies elsewhere.
– Contributed by Oogle.
Asia business confidence falters as China slows: CEOs survey
Saturday, Aug 11, 2012
HONG KONG – Asia has been a ray of sunshine in the global economic gloom, but a confidence survey released yesterday shows the region’s executives are starting to worry as China’s growth slows and exports sink.
The YPO Global Pulse Index for Asia declined 1.8 points to 60.1 in the latest quarterly survey, its lowest level since it began three years ago.
The pollsters at the Young Presidents’ Organisation (YPO), a not-for-profit network of 20,000 chief executive officers, said Asia’s confidence level showed a marked decline from previous years.
“During the first several quarters of the survey, Asian confidence averaged nine points higher than the global confidence index reading,” the YPO said in a statement.Terry O’Connor, chief executive officer of retailer Courts Asia and chair of the YPO Singapore Chapter, said the results pointed to slower growth for a region that has so far weathered the global economic headwinds.
“Evidence of that trend accumulated during the past several months, as China reported that second-quarter GDP growth fell to 7.6 per cent, the Singapore economy actually declined last quarter, and South Korea and Japan both cut their full-year forecasts,” he said. “Nevertheless, it is important to note that the forecast is for a slower pace of growth, not a contraction by any means.”
The Global Index dropped 4.1 points to 59.7 in the July 2012 survey, following three quarters of rising confidence.
The US recorded the sharpest drop of 5.1 points to 60. Confidence among young executives in the EU slipped 2.8 points to 52.0, reflecting the ongoing debt crisis in the eurozone.
In Asia, confidence levels ranged from a high of 70 in Thailand and the Philippines to lows of near 50 in Japan and South Korea. In China, CEO confidence “plummeted” almost seven points to the upper 50s.
The results were based on responses from 1,659 chief executive officers in the first two weeks of July, including 193 in Asia. Most YPO members are aged between 35 and 50, and to join, candidates must be 44 or younger.
Carlyle Asia Investment Advisors managing director Patrick Siewert, a 56-year-old member of the YPO’s Hong Kong chapter, said uncertainty about the drivers of future growth was “very, very high”.
“I would observe that though many industry bodies have been predicting relatively good growth rates, that is going to begin to be spotty,” he told AFP, referring to six straight quarters of slowing growth in China.
A former president of Coca-Cola Asia, Mr Siewert said the region would find it difficult to sustain a confidence premium over the rest of the world in light of soft demand from Europe and the US for its exports. – AFP