Singapore to take a hit if Iraq crisis worsens
Singapore's economic growth will take a hit if the crisis in Iraq escalates further, so said city-state economists.
Singapore's economic growth will take a hit if the crisis in Iraq escalates further, so said city-state economists.
According to Maybank head of foreign exchange research Saktiandi Supaat and United Overseas Bank economist Francis Tan, a major military intervention in the Middle East will immediately impact on Singapore’s inflation.
Iraq and Iran account for a respective 3.6 and 4.1 percent of the world’s oil production. The transport and storage sector will see a big hit first, and that will affect the wholesale and retail trade segment. Households will also see higher electricity tariffs, and they could scale back on consumption, Tai said.
Bank of America economist Chua Hak Bin, however, said Asia is generally in a stronger position to weather an oil price shock, citing improving current account deficit position and moderating external debt ratios.
It is still far too early to conclude that the instability in Iraq is going to have a big hit on Singapore’s growth, he said.-VNA
According to Maybank head of foreign exchange research Saktiandi Supaat and United Overseas Bank economist Francis Tan, a major military intervention in the Middle East will immediately impact on Singapore’s inflation.
Iraq and Iran account for a respective 3.6 and 4.1 percent of the world’s oil production. The transport and storage sector will see a big hit first, and that will affect the wholesale and retail trade segment. Households will also see higher electricity tariffs, and they could scale back on consumption, Tai said.
Bank of America economist Chua Hak Bin, however, said Asia is generally in a stronger position to weather an oil price shock, citing improving current account deficit position and moderating external debt ratios.
It is still far too early to conclude that the instability in Iraq is going to have a big hit on Singapore’s growth, he said.-VNA
You should also see
PM raises proposals for ASEAN to become global digital transformation model
Prime Minister Pham Minh Chinh on April 23 proposed breakthrough orientations to make ASEAN a model in digital transformation globally, while co-chairing a business roundtable with his Lao counterpart Sonexay Siphandone in Hanoi.
See more
World
Malaysia, Philippines warn of severe heat in upcoming summer
Malaysia and the Philippines have warned of severe heat during the upcoming summer.
World
Thailand re-considers tourism tax
Thai tourism operators are urging the Thai government to seriously consider measures to tackle overtourism. One of the proposed measures is a tourism tax of 300 baht (8.11 USD).
World
Ten crew members killed after two Malaysian navy helicopters collide
Ten people have died after two navy helicopters collided in mid-air during a military rehearsal for a Royal Malaysian Navy parade.
World
Indonesian Constitutional Court rejects petitions against presidential election results
The Indonesian Constitutional Court on April 22 rejected all petitions regarding the country’s presidential election results filed by two presidential candidates - Anies Baswedan-Muhaimin Iskandar and Ganjar Prabowo-Mahfud M.D.
ASEAN
ASEAN youth empowered to unleash potential: ASEAN chief
ASEAN Secretary-General Kao Kim Hourn reaffirmed ASEAN leaders' commitment to empowering the youth to unleash their full potential when he had a dialogue with ASEAN youth in Hanoi on April 22 on the sidelines of the ASEAN Future Forum (AF 2024).
