Singapore growth could fall below 1%

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Raffles Place in Singapore. The city state’s economy is under growing pressure due to its exposure to global economic volatilities.

With weaker growth in China, the US economy stagnating and the euro crisis unresolved, growth in Singapore could fall below 1 per cent this year, the Monetary Authority of Singapore (MAS) said on July 26 in a statement  accompaning the presentation of its annual report.

Earlier predictions of a growth level between 1 and 3 per cent have been based on assumptions that there was no recession in the US, no escalation of the euro zone crisis and no higher than expected slowdown in China, Ravi Menon, MAS Managing Director, said in the briefing.

“If one or more of these assumptions do not pan out, Singapore’s GDP growth could dip below 1 per cent this year,” Menon said.

The MAS was also narrowing its earlier inflation forecast to a range of 4 per cent to 4.5 per cent, from the previous 3.5 per cent to 4.5 per cent range. It expects inflation to fall to 4 per cent in July from the 5.3 per cent seen in June. About 60 per cent of inflation this year will be due to the high costs of cars and imputed rent, the MAS report said.

Meanwhile, Forbes Asia magazine has found out that the wealth of Singapore’s 40 richest increased this year, according to its latest Singapore Rich List.

Combined wealth of those on the list was up 9 per cent from $54.4 billion last year to a collective worth of $54.9 billion.

The top three from last year’s list remain unchanged, topped by Robert and Philip Ng, the sons of the late Far East Organisation’s founder Ng Teng Fong. Their estimated net worth is up $300 million to $9.2 billion this year.

Eight newcomers made it on the list, including Facebook co-founder Eduardo Saverin, worth about $2.2 billion, property magnate Raj Kumar and Bhupendra Kumar Modi, who controls Spice Group. Local entrepreneurs that joined this year’s list include Sheng Siong head Lim Hock Chee and Hotel 81’s boss Choo Chong Ngen.

 

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Reading Time: 2 minutes

Raffles Place in Singapore. The city state’s economy is under growing pressure due to its exposure to global economic volatilities.

With weaker growth in China, the US economy stagnating and the euro crisis unresolved, growth in Singapore could fall below 1 per cent this year, the Monetary Authority of Singapore (MAS) said on July 26 in a statement  accompaning the presentation of its annual report.

Reading Time: 2 minutes

Raffles Place in Singapore. The city state’s economy is under growing pressure due to its exposure to global economic volatilities.

With weaker growth in China, the US economy stagnating and the euro crisis unresolved, growth in Singapore could fall below 1 per cent this year, the Monetary Authority of Singapore (MAS) said on July 26 in a statement  accompaning the presentation of its annual report.

Earlier predictions of a growth level between 1 and 3 per cent have been based on assumptions that there was no recession in the US, no escalation of the euro zone crisis and no higher than expected slowdown in China, Ravi Menon, MAS Managing Director, said in the briefing.

“If one or more of these assumptions do not pan out, Singapore’s GDP growth could dip below 1 per cent this year,” Menon said.

The MAS was also narrowing its earlier inflation forecast to a range of 4 per cent to 4.5 per cent, from the previous 3.5 per cent to 4.5 per cent range. It expects inflation to fall to 4 per cent in July from the 5.3 per cent seen in June. About 60 per cent of inflation this year will be due to the high costs of cars and imputed rent, the MAS report said.

Meanwhile, Forbes Asia magazine has found out that the wealth of Singapore’s 40 richest increased this year, according to its latest Singapore Rich List.

Combined wealth of those on the list was up 9 per cent from $54.4 billion last year to a collective worth of $54.9 billion.

The top three from last year’s list remain unchanged, topped by Robert and Philip Ng, the sons of the late Far East Organisation’s founder Ng Teng Fong. Their estimated net worth is up $300 million to $9.2 billion this year.

Eight newcomers made it on the list, including Facebook co-founder Eduardo Saverin, worth about $2.2 billion, property magnate Raj Kumar and Bhupendra Kumar Modi, who controls Spice Group. Local entrepreneurs that joined this year’s list include Sheng Siong head Lim Hock Chee and Hotel 81’s boss Choo Chong Ngen.

 

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