ASEAN KEY DESTINATIONS
S’pore final GDP seen confirming sluggish Q2 growth
SINGAPORE’S latest estimate of second-quarter gross domestic product is likely to confirm sluggish growth in the April-June quarter, with the outlook clouded by concerns over Brexit and weakening global demand.
The median forecast in a Reuters survey of 13 economists predicted that gross domestic product (GDP) in the April-June quarter expanded by 0.8 per cent from the previous three months on an annualised and seasonally adjusted basis.
That would be the same as the government’s advance estimate of second-quarter GDP released on July 14.
Economic growth in Singapore is likely to remain slow compared with recent years, said Hayato Nakamura, a senior economist for Bank of Tokyo-Mitsubishi UFJ.
He expects growth to be held back by the “stagnation of global trade”, particularly in Asia, as well as high business costs, which have eroded the competitiveness of the city-state’s manufacturing sector.
The second quarter economic survey of Singapore, with detailed breakdowns of growth by industry, is set to be released on Thursday, August 11 at 8am local time.
Year-on-year GDP growth is expected to match the advance estimate of 2.2 per cent, according to the median forecast in the Reuters survey.
Some economists say the government might announce a revised forecast for 2016 growth, after the Monetary Authority of Singapore (MAS) said last month that the official forecast of one to three per cent growth was under review.
The growth forecast might be tightened to “about two per cent”, said Song Seng Wun, an economist for CIMB Private Banking.
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Indonesia to launch 13th economic package this month
Coordinating Economic Minister Darmin Nasution said on Wednesday that the government would release its 13th economic policy package in August, adding that the draft had been completed.
Darmin said the 13th package was largely an extension of the previous one, but would expand its focus beyond industry. The 12th package focused on small and medium enterprises.
"We are just waiting to schedule a meeting with the president," Darmin told reporters at his office. He refused to give the exact date the new policy package would come into effect.
The ministry team must meet with President Joko "Jokowi" Widodo one more time to finalize the details, Darmin said.