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NEW UPDATES Asean Affairs 17 July 2014  

S’pore GDP contracts for first time in 7 quarters

SINGAPORE: Singapore’s economy contracted in April to June for the first time in seven quarters, hit by a sharp drop in manufacturing activity, but economists said the weak reading was unlikely to alter the outlook for the city-state’s tight monetary policy.

Singapore’s gross domestic product (GDP) shrank by 0.8 per cent in the second quarter on a seasonally adjusted and annualised basis, the Ministry of Trade and Industry’s advance estimates showed yesterday, a much weaker outcome than the median forecast of 2.5 per cent growth seen in a Reuters survey.

The Singapore dollar briefly eased versus the US dollar, reflecting the weaker GDP numbers.

Manufacturing fell 19.4 per cent in the second quarter on a quarter-on-quarter, seasonally adjusted and annualised basis, down sharply from 12.2 per cent growth in the first quarter, the data showed.

The last time Singapore’s GDP contracted in the seasonally adjusted annualised quarter-on-quarter advance estimates was in the third quarter of 2012, when GDP shrank 3.6 per cent.

The government expects Singapore’s economy to grow two to four per cent this year after expanding by 3.9 per cent last year, and economists have generally tipped full-year 2014 growth to come in near the upper end of the official forecast. Reuters

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This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More






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