Singapore’s economy beats forecasts with 3.8% growth in 2022
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Singapore’s economy beats forecasts with 3.8% growth in 2022

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City-state’s growth slowed sharply in fourth quarter, clouding outlook for 2023.

Singapore’s economy has grown more than expected in 2022, according to government figures.

The Southeast Asian city-state’s economy grew 3.8 percent last year, preliminary figures from the Ministry of Trade and Industry showed on Tuesday. The government had forecast growth of 3.5 percent, down from 7.6 percent in 2021.

Growth, however, was weighed down by a 3.0 percent contraction in the key manufacturing sector in the final three months of the year.

Growth in the fourth quarter came in at 2.2 percent, sharply down from 4.2 percent in July-September, according to the data.

Exports for computer chips and other products have been hit by softer global demand caused by surging inflation and sharp increases in interest rates.

The city-state’s economic performance is often seen as a useful barometer of the global environment because of its reliance on trade with the rest of the world.

IMF Managing Director Kristalina Georgieva on Sunday warned that 2023 will be a “tough year” for the global economy, with one-third of economies expected to be in recession.

Singaporean Prime Minister Lee Hsien Loong warned in his New Year’s message that growth this year is expected to ease to between 0.5 and 2.5 percent.

“The international outlook remains troubled. The Russia-Ukraine conflict continues, with no good outcome in sight,” he said.

Capital Economics said the economy is likely to struggle, which means the Monetary Authority of Singapore is unlikely to tighten monetary policy in 2023.

The central bank tightened its foreign exchange-based monetary policy four times last year to fight rampant inflationary pressures.

“Looking ahead, we think growth is likely to weaken further. Exports are likely to fall further if, as we expect, the global economy enters a recession in 2023,” Capital Economics said.

“Elevated interest rates, declining household savings and high inflation are likely to drag on domestic demand.”

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September merchandise trade deficit narrows to $1.3 billion: Statistics Canada

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OTTAWA – Statistics Canada says the country’s merchandise trade deficit narrowed to $1.3 billion in September as imports fell more than exports.

The result compared with a revised deficit of $1.5 billion for August. The initial estimate for August released last month had shown a deficit of $1.1 billion.

Statistics Canada says the results for September came as total exports edged down 0.1 per cent to $63.9 billion.

Exports of metal and non-metallic mineral products fell 5.4 per cent as exports of unwrought gold, silver, and platinum group metals, and their alloys, decreased 15.4 per cent. Exports of energy products dropped 2.6 per cent as lower prices weighed on crude oil exports.

Meanwhile, imports for September fell 0.4 per cent to $65.1 billion as imports of metal and non-metallic mineral products dropped 12.7 per cent.

In volume terms, total exports rose 1.4 per cent in September while total imports were essentially unchanged in September.

This report by The Canadian Press was first published Nov. 5, 2024.

The Canadian Press. All rights reserved.

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How will the U.S. election impact the Canadian economy? – BNN Bloomberg

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How will the U.S. election impact the Canadian economy?  BNN Bloomberg



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Trump and Musk promise economic 'hardship' — and voters are noticing – MSNBC

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Trump and Musk promise economic ‘hardship’ — and voters are noticing  MSNBC



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