Singapore suffered a deeper recession in the second quarter than earlier estimated, prompting the Government to trim its growth outlook for the year and warn of a slower recovery.
With the advancement of smart technologies and digitalisation, it seems like the world is rapidly moving into the era of the Fourth Industrial Revolution or Industry 4.0. The industrial Internet of Things (IIoT) market, which some have called Industry 4.0, describes the widespread integration of information and communication technology (ICT), particularly cyber-physical systems (CPS), in industrial manufacturing.
Speaking at a discussion in India@75 Summit organised by CII, the minister said proponents of Free Trade Agreements make out as if that is the only vehicle to engage the world.
Global uncertainties would keep a lid on the extent of economic recovery in the Southeast Asian region, said Euben Paracuelles, chief Asean economist at Nomura. He explained that even though Thailand has appeared to successfully contain its outbreak, the economy would still experience “a major drag” from the slump in tourism. Meanwhile, the economies of Indonesia and the Philippines have suffered as authorities are still struggling to control the coronavirus outbreak locally, said Paracuelles.
Thailand's economic growth is likely to fall 7.8 percent, the biggest projected drop in the region, due to the impacts of COVID-19 on the tourism and service sectors, according to the ASEAN+3 Macroeconomic Research Office (AMRO).
The Indonesian Government is planning to expand its social aid programme and incentives for micro, small and medium enterprises (MSMEs) in an effort to boost consumer spending and revive the economy in the second half of this year.
Indonesia’s economy suffered its sharpest downturn since the 1998 Asian financial crisis in the second quarter, as the COVID-19 pandemic shut down large parts of the country, ravaging businesses and leaving millions out of work.
Singapore's economy is set for a strong recovery next year after a deeper-than-expected slump amid the coronavirus pandemic, according to a report by the Asean+3 Macroeconomic Research Office (Amro).
<p>Time: November 2025<br /> By: WTO and International Trade Group, Legal Department – VCCI</p>
