On Friday, Prime Minister Lee Hsien Loong looked optimistic in his speech about Singapore's economy. According to him, the economy should improve this year despite the uncertain times. With several real estate developments in the works as well as more flights and visa-free travel between Singapore and China, he pointed out that industries including retail, food and beverage, and construction are looking good. In 2023, Singapore witnessed modest economic growth of 1.2%, a decline from 3.6% in 2022, but managed to evade a recession. Core inflation averaged 4.2%, slightly higher than 4.1%
On Friday, the IMF's first deputy managing director, Gita Gopinath, recommended the Bank of Japan (BOJ) stop its yield curve control and asset purchases and raise short-term interest rates gradually instead. Japan's economy is rebounding, with domestic demand driving inflation as labour shortages intensify and the output gap closes. Current inflation, above the 2% target, spans products and services, signalling upward inflation risks. Core inflation, excluding food and energy, will likely stay above 2% until the second half of 2025 due to closed output gaps and rising wages. The IMF sug
Abu Dhabi Investment Authority (ADIA), the UAE's largest sovereign wealth fund, intends to establish a $4–5 billion investment fund in India through a tax-neutral finance hub in Gujarat. The fund has received preliminary approval from the regulatory authority at Gujarat International Finance Tec-City (GIFT City). India and the UAE jointly made the announcement last July, but specific investment information remains undisclosed. ADIA’s approval marks a milestone as the first sovereign wealth fund to invest in India via GIFT City, coinciding with PM Modi’s visit to Abu Dhabi. India-U
India is on the verge of cementing a substantial trade agreement that could potentially yield investments amounting to $100 billion for 15 years from a select group of European nations. The European Free Trade Association (EFTA), which is made up of Switzerland, Iceland, Norway, and Liechtenstein, is said to have made major commitments as part of an approaching trade agreement. This anticipated investment from EFTA countries in India is poised to generate more than 1 million jobs. It is expected to predominantly target both existing and nascent manufacturing endeavours, with contributio
India's state-run banks are poised to generate nearly $2 billion in dividends for the government in the upcoming fiscal year commencing in April. According to the senior ministry official, this data marks a substantial surge from the current period. PM Modi has orchestrated measures to fortify these financial institutions since he took office in his first term. His strategies consist of the amalgamation of weaker banks with more robust counterparts and the implementation of bankruptcy laws to reclaim funds from defaulters. The government has invested over 3.3 trillion rupees ($39.7 billion
The Indian government has approved the signing of the India-UAE Bilateral Investment Treaty (BIT), marking a significant milestone in fostering investment relations between the two countries. The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the signing and ratification of the BIT between India and the UAE, according to an official government statement. The treaty is poised to bolster investor confidence, particularly among key stakeholders, thereby catalysing an influx of foreign capital and creating avenues for Overseas Direct Investment (ODI). It is anticipated
On Thursday, Finance Minister Nirmala Sitharaman unveiled the Indian government's forthcoming housing scheme tailored for the deserving middle class in her sixth consecutive budget. The initiative aims to empower middle-class people to either acquire or construct their own homes. Furthermore, Sitharaman emphasised the government's commitment to fostering sustainable development and enhancing productivity through an economic strategy outlined in the interim budget. During the announcement, the Finance Minister appreciated the achievements of the PM Awas Yojana (Grameen), highlighting its
India's finance minister unveils budget, promises reforms to drive growth India's Finance Minister, Nirmala Sitharaman, unveiled the budget promising comprehensive economic reforms to stimulate growth in her final budget speech in the Lok Sabha ahead of the impending national elections in May. Some of the key highlights of her speech include the commitment to construct more than two crore houses under a housing scheme targeting deserving middle-class people, the conversion of 40,000 regular rail bogies to Vande Bharat standards, and the determination to propel India towards becoming a deve
The Bank of England has maintained its stance on borrowing costs, holding them unchanged for four consecutive months while hinting at potential rate cuts soon. The central bank anticipates that inflation will soon dip below 2%, prompting cautious optimism. Before considering a reduction in borrowing rates, the Bank emphasized the need for further evidence of sustained inflation aligning with the government-set target. It emphasised the continuous problem and the continued hazards that come with fast-rising costs. The Monetary Policy Committee (MPC) opted to retain interest rates at 5.25
In 2023, France's economy experienced a notable surge of 0.9%, yet the momentum waned in the last two quarters, marking a period of stagnation. This growth marked a deceleration from the nation's 2.5% annual growth rate in 2022, slightly below the government's forecast of 1%. Throughout much of 2023, France, the second-largest economy in the eurozone, grappled with near-zero growth, barring a modest uptick of 0.7% in the second quarter. Household consumption, a significant economic driver, contracted by 0.7% over the year and notably declined in the final three months. Comparatively, Ge