Singapore’s woes sound a warning for wider Asia
To those betting on a solid Asian rebound from your Covid-19 era, Singapore has a sobering message: “Think again. ”
On August 11, the particular city-state’s Ministry associated with Trade and Business narrowed its full-year growth forecast to 3-4%. It also revised downward growth in the second quarter in order to 4. 4% through an initial 4. 8% reading.
Singapore matters because of its role as Asia-Pacific region weathervane. Its open and trade-reliant economic climate is usually the vanguard of zigs and zags in global need. When container-ship parking around Singapore will get crowded, manufacturers possess reason to shiver.
Right now, Asia’s weathervane can be signaling fresh headwinds coming its way. Some are coming from Washington, where the US Federal Reserve’s interest-rate hike cycle is definitely accelerating. Others are emanating from Europe, where growth is slowing under the weight of high energy costs.
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