(Bloomberg) — Singapore’s economy avoided a recession in 2023 as Prime Minister Lee Hsien Loong warned of a “troubled” international environment that will weigh on growth and security.
Gross domestic product expanded 1.2%, Lee said in his New Year’s message, compared with the trade ministry’s forecast in November for an expansion of around 1%. For 2024, he reiterated an official projection for growth of 1% to 3%.
Lee called 2023 a “challenging year” where tensions between the US and China remain and the war in Ukraine is at a “strategic stalemate with no resolution in sight.” He pointed to global “revulsion and anger” over the human suffering in the Israel-Hamas conflict.
“For some years to come, we must expect the external environment to be less favorable to our security and prosperity,” Lee said. “Geopolitical uncertainties will continue weighing on the global economy.”
Lee, 71, has served as prime minister since 2004 and plans to hand over the reins to his deputy Lawrence Wong in 2024. In what is likely to be his final New Year’s message, he urged Singaporeans to extend their full support to the new leadership.
“This is not the first time we are having a leadership transition,” he said. “But transitions are always delicate. Singapore will come under close scrutiny. People near and far are watching to see how the new leaders bond with Singaporeans, and whether our small nation can remain successful and exceptional.”
Under Lee, Singapore’s per capita income has risen from about $27,600 in 2004 to $87,880 in 2023, making the tiny island nation one of the world’s richest places.
He has presided over one of the world’s most competitive economies, while helping the city state navigate the global financial crisis and the Covid-19 pandemic, and forge stronger relations with major powers such as the US and China as well as neighbors Malaysia and Indonesia.
Singapore’s outlook depends on a durable recovery in global trade, given that exports are equivalent to more than one-and-a-half times the size of the island’s economy. Although overseas shipments swung to growth for the first time in 14 months in November, gains were largely on account of a low year-ago base.
Lee said that while the economy grew in 2023, households are still feeling the pressure of higher costs of living even though inflation is gradually easing.
Taming inflation has been a top priority for policymakers since the city-state’s reopening post-pandemic. The government has announced support measures worth billions of dollars, while the central bank has kept the local dollar on an appreciating path to blunt imported inflation.
A 1 percentage point increase in the goods and services tax to 9% from Jan. 1 will add to price pressures, even as the premier said the extra revenue will help the government pay for growing healthcare expenses. Authorities will continue to provide monetary assistance and subsidies to cushion the impact, he said.
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
This report by The Canadian Press was first published Sept. 13, 2024.
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.
The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.
The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.
The personal and household goods subsector fell 2.5 per cent to $12.1 billion.
In volume terms, overall wholesale sales rose 0.5 per cent in July.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Sept. 13, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 172.18 points at 23,383.35.
In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.
The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.
The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.
The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.
This report by The Canadian Press was first published Sept. 12, 2024.
