Connect with us

Economy

Singapore’s GDP growth in Q3 driven by construction and services sectors.

Published

on

Singapore

The third-quarter performance of Singapore’s economy exceeded expectations, registering a robust 1.1 percent expansion. This growth was propelled by the construction industry and the services sector, particularly tourism. The data from the trade ministry surpassed the anticipated 0.8 percent and marked a significant improvement from the preceding three months.

In response to the positive momentum, officials have revised the full-year forecast for 2023. They now anticipate the economy to grow by 1.0 percent, adjusting from the earlier estimated range of 0.5-1.5 percent. The decision is influenced by improved performance in the US economy since the previous forecast in August. However, officials cautioned that inflation-fighting interest rate hikes may pose challenges in the coming months.

The ministry projected that growth in the US and eurozone would moderate due to the cumulative effects of monetary policy tightening. Similarly, China’s growth is expected to decelerate further due to ongoing weaknesses in its property sector, domestic consumption, and subdued external demand. Despite sluggish global demand for electronics, one of Singapore’s major exports, there are indications that the downturn may be stabilizing.

Continued growth in tourism arrivals is anticipated to support aviation and tourism-related businesses. Taking into account the overall performance of Singapore’s economy in the first three quarters of the year, along with the latest external and domestic developments, the GDP growth forecast for 2023 has been narrowed to around 1.0 percent.

Looking ahead to 2024, the ministry foresees a growth range of 1.0-3.0 percent. However, potential downside risks include high inflation and an escalation of conflicts, such as those between Israel and Hamas or the war in Ukraine. The confluence of these factors could impact business and consumer sentiments, leading to a potential slowdown in global growth and trade.

Share this

Economy

Remittances Top $2bn in First 28 Days of September

Published

on

remittance

Expatriate Bangladeshis sent approximately US$ 2.11 billion in remittances during the first 28 days of September in the fiscal year 2024-25, according to data released by Bangladesh Bank on 29 September.

Of this total, state-owned and specialised banks handled $679.10 million, while private banks received $1.43 billion in remittances.

Share this
Continue Reading

Economy

Yunus Pledges Swift Reforms and Election in Bangladesh’s Interim Govt

Published

on

Yunus

Chief Adviser to Bangladesh’s interim government, Professor Muhammad Yunus, has vowed to expedite reforms and hold elections swiftly. Yunus, who recently assumed the role after the collapse of Prime Minister Sheikh Hasina’s 15-year administration, expressed his commitment during an interview with Tokyo-based news outlet NHK WORLD in New York on Sunday. He was attending the United Nations General Assembly at the time.

Following mass student-led protests that ended Hasina’s long-standing rule in August, Yunus stepped in as the leader of the caretaker government. Known for founding Grameen Bank, an institution providing microloans to the underprivileged, Yunus, along with the bank, earned the Nobel Peace Prize in 2006 for his efforts in poverty alleviation.

During the interview, Yunus emphasized that the interim government’s primary mission is to implement reforms promptly and ensure elections are held as soon as the groundwork is complete. He underscored the importance of success, stating, “Failure is not something that we can accept.”

Addressing the pivotal role of students in the ousting of the Hasina administration, Yunus acknowledged the sacrifices made by young people, referring to their involvement as part of a “revolution.” He highlighted his intention to engage the younger generation in shaping policy.

Furthermore, Yunus called for continued support from Japan, Bangladesh’s largest donor, during this crucial transition period. He stressed that Japan’s assistance is vital to stabilizing Bangladesh’s economy and fostering a democratic foundation in the nation.

Share this
Continue Reading

Economy

Polythene Bags to Be Phased Out, Says Environment Adviser Rizwana Hasan

Published

on

polythene rizwana hasan

Syeda Rizwana Hasan, the Adviser for Environment, Forests, and Climate Change, announced today that steps will be taken to restrict the use of polythene shopping bags to safeguard future generations.

Starting from October 1, polythene bags will be banned in shopping malls, followed by a ban in kitchen markets from November 1.

“Everyone must take responsibility and stop using polythene voluntarily. Action against polythene producers will begin from November 1,” Rizwana Hasan stated during a seminar.

The Department of Environment (DoE) organized the seminar to raise public awareness about alternatives to banned polythene bags.

Rizwana Hasan highlighted that the restriction on polythene will be executed in phases according to legal provisions, and discussions with shopping centers and store owners are ongoing to ensure a smooth transition.

She also announced plans to make the government secretariat a plastic-free zone by December.

Other speakers at the seminar included Environment Secretary Dr. Farhina Ahmed, DoE Director General Dr. Abdul Hamid, Director Rajinara Begum, President of the Shop Owners Association Muhammad Helal Uddin, and Md. Arifur Rahman Bhuiyan, Assistant Professor of Environmental Science at BUP. They discussed the harmful effects of polythene and the need for alternative products.

Earlier, Rizwana Hasan inaugurated a fair showcasing eco-friendly alternatives to polythene bags and visited 24 stalls. The fair featured products from government and private entrepreneurs, including reusable bags, jute bags, paper bags, and items made from bamboo and cane.

Share this
Continue Reading