Economy

While growth in Singapore is forecast to contract by 5.7 percent this year because of a severe decline in global trade, signs of a recovery in exports and imports will see it rebound to 6.1 percent in 2021. Heavily export-oriented economies like Singapore and Vietnam will continue to benefit from a stabilisation in trade indicators, shown by recent improvements in exports over the past few months. … [Read more...] about ICAEW: Vietnam is expected to be the only South-East Asian economy to record positive growth this year

Comparing the economy to a patient, Rajan said: “…relief is the sustenance the patient needs while on the sickbed and fighting the disease. Without relief, households skip meals, pull their children out of school and send them to work or beg, pledge their gold to borrow, let EMIs and rent arrears pile up... Similarly, without relief, small and medium firms - think of a small restaurant - stop paying workers, let debt pile up, or close permanently. Essentially, the patient atrophies, so by the time the disease is contained, the patient has become a shell of herself.” … [Read more...] about Raghuram Rajan on Indian economy: Stimulus is the tonic needed for the patient on sickbed

Bank of America’s Merrill Lynch economists raised their projection for third-quarter growth to 27 percent from 15 percent on Friday. They cited stronger than expected in retail sales, the booming housing market, and better than anticipated hiring trends. … [Read more...] about The U.S. Economy Is Recovering Much Faster Than Expected

Like almost all European Union states, Germany did not go into lockdown to slow the spread of the virus until around mid-March, so the bulk of the impact of those curbs will only become apparent in second quarter data as sectors like tourism, and bars and restaurants, remain shut. … [Read more...] about German economy sinks, but skirts worst of virus fallout

The data underscored the daunting task the new prime minister, to be elected in a ruling party leadership race on Sept. 14, faces in seeking to contain the pandemic while avoiding restrictions on business activity. … [Read more...] about Covid-19: Japan’s economy shrinks more than expected in second quarter

Until the end of July, the national government had been sending $600 a week to jobless workers on top of less generous state unemployment benefits, Trump signed an executive order calling for $400 a week extra payments, but state governments have been slow to start sending the reduced stipends to jobless workers and not all states have agreed to make the payments.    … [Read more...] about Trump, Biden Spar on State of US Economy