• About Us
    • Fact Checking Policy
    • Ownership & funding information
    • Volunteer
  • Subscribe
  • Letter submission
    • Submissions Policy
  • Contact Us
The Online Citizen Asia
  • Opinion
    • Editorial
    • Commentaries
    • Letters
    • Comments
  • Current Affairs
    • Singapore
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Arts & Culture
    • Consumer Watch
    • NGO
    • Lifestyle
    • Travel
  • Politics
    • Civil Society
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
No Result
View All Result
  • Opinion
    • Editorial
    • Commentaries
    • Letters
    • Comments
  • Current Affairs
    • Singapore
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Arts & Culture
    • Consumer Watch
    • NGO
    • Lifestyle
    • Travel
  • Politics
    • Civil Society
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
No Result
View All Result
The Online Citizen Asia
No Result
View All Result

Moody: Brexit impact on Asia Pacific is limited, full extent remains to be seen

by Martha Soezean
13/07/2016
in Finance
Reading Time: 2 mins read
0

gary yim / Shutterstock.com

Moody’s Investors Service said The UK departure from the European Union will not have a “significant credit impact” on Singapore and other countries in the Asia Pacific region. However international financial centers in the region like Singapore and Hongkong could take a hit if the flow of money from the UK and European banks decreased.

The Pound sterling hit record low following the nation-wide referendum calling for the UK’s exit from the EU.

On June 27, Standard & Poor’s also dropped the UK’s credit rating by two grades from “AAA” to “AA” and warned more downgrades could follow.

Moody’s speculations are published on its most recent report; Sovereigns — Brexit and Asia Pacific: Limited Direct Credit Impact; Some Sovereigns Exposed to Market Volatility. It also projected the UK’s GDP growth to drop to 1.2 per cent in 2017 from 1.6 per cent this year.

Although the lower GDP growth in the UK could lower demand for products from the rest of the world, the impact on trade or GDP growth in the Asia Pacific region is not expected to be significant because of the region has limited reliance on exports to the UK, said Moody’s.

Singapore’s exports to the UK accounted only for 1.1 per cent of its GDP last year. Australia, Indonesia and the Philippines are even lower at 0.2 per cent.

The report, however, warns that announcements related to Brexit could trigger financial market volatility. It also cautioned that the impact on money flows into Asia from the UK and other European banks is uncertain. “Although not our baseline assumption, with a more challenging environment in their home markets, UK and European banks could reduce their activities abroad,” it said.

“As international financial centres, Hong Kong and to a lesser extent Singapore would be exposed if financing flows from the UK and European banks ebbed. However, there is a possibility that these centres could benefit if UK and European banks aimed to diversify their asset bases.”

For just US$7.50 a month, sign up as a subscriber on The Online Citizen Asia (and enjoy ads-free experience on our site) to support our mission to transform TOC into an alternative mainstream press.

Related Posts

Commemorative coin, exhibitions and various activities to mark 100th anniversary of Lee Kuan Yew’s birth
Singapore

Commemorative coin, exhibitions and various activities to mark 100th anniversary of Lee Kuan Yew’s birth

07/02/2023
国会内庆妇女节 女议员获赠鲜花
Labour

15 companies barred from hiring new foreign employees after serious safety lapse found at worksite

07/02/2023
Why is Gautam Adani’s Indian empire in turmoil?
AFP

India’s Adani Enterprises shares rocket 20%, trading suspended

07/02/2023
China’s Baidu says developing AI chatbot
AFP

China’s Baidu says developing AI chatbot

07/02/2023
Thai rescuers dig to free baby trapped down well
AFP

Thai rescuers dig to free baby trapped down well

07/02/2023
Desmond Lee says 70% of BTO flats affordable for median household with income of S$8,400 but what about the 10th to 40th percentile?
Housing

Desmond Lee says 70% of BTO flats affordable for median household with income of S$8,400 but what about the 10th to 40th percentile?

07/02/2023
Subscribe
Connect withD
Login
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
Notify of
Connect withD
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
0 Comments
Inline Feedbacks
View all comments

Latest posts

Commemorative coin, exhibitions and various activities to mark 100th anniversary of Lee Kuan Yew’s birth

Commemorative coin, exhibitions and various activities to mark 100th anniversary of Lee Kuan Yew’s birth

07/02/2023
国会内庆妇女节 女议员获赠鲜花

15 companies barred from hiring new foreign employees after serious safety lapse found at worksite

07/02/2023
Why is Gautam Adani’s Indian empire in turmoil?

India’s Adani Enterprises shares rocket 20%, trading suspended

07/02/2023
China’s Baidu says developing AI chatbot

China’s Baidu says developing AI chatbot

07/02/2023
Thai rescuers dig to free baby trapped down well

Thai rescuers dig to free baby trapped down well

07/02/2023
Desmond Lee says 70% of BTO flats affordable for median household with income of S$8,400 but what about the 10th to 40th percentile?

Desmond Lee says 70% of BTO flats affordable for median household with income of S$8,400 but what about the 10th to 40th percentile?

07/02/2023
Returning Officer to issue corrective directions, overseas Singaporeans allowed to vote by post, among changes to laws tabled to Parliament

Returning Officer to issue corrective directions, overseas Singaporeans allowed to vote by post, among changes to laws tabled to Parliament

07/02/2023
Can Malaysia review its current practices on foreign worker management?

Can Malaysia review its current practices on foreign worker management?

07/02/2023

Trending posts

Cognizant India transfers staff to work in Singapore as recently as this year

Local IT grads can’t find jobs while engineers constantly transferred from India to work in SG under CECA

by Correspondent
05/02/2023
105

...

They have done a fine job of confusing us about the jobs situation

They have done a fine job of confusing us about the jobs situation

by Augustine Low
01/02/2023
47

...

Adani’s brother runs SG company and registers as director with local ID

Adani’s brother runs SG company and registers as director with local ID

by Correspondent
03/02/2023
26

...

No response from Josephine Teo on whether Mediacorp has been instructed to stop coverage of SMT circulation scandal

No response from Josephine Teo over alleged blackout of coverage by Mediacorp over SMT circulation scandal

by Terry Xu
06/02/2023
12

...

Former Singaporean shares change of life in Australia with annual pay of S$80,000 as a plumber

Former Singaporean shares change of life in Australia with annual pay of S$80,000 as a plumber

by Yee Loon
30/01/2023
25

...

Japanese-Canadian junior high school girl breaks national record with 3km in 9:02 mins

“I want my normal life back,” Sherry Drury withdraws from National Junior High School Tournament due to overheated public attention

by Yee Loon
06/02/2023
3

...

July 2016
M T W T F S S
 123
45678910
11121314151617
18192021222324
25262728293031
« Jun   Aug »

The Online Citizen is a regional online publication based in Taiwan and formerly Singapore’s longest-running independent online media platform.

Navigation

  • Editorial
  • Commentaries
  • Opinion
  • Politics
  • Community

Support

  • Contact Us
  • Letter submission
  • Membership subscription

Follow Us

  • Facebook
  • Twitter
  • YouTube
  • Instagram
  • Fact Checking Policy
  • Privacy Policy

© 2022 - 2023 The Online Citizen Asia

No Result
View All Result
  • Opinion
    • Editorial
    • Commentaries
    • Comments
  • Current Affairs
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Civil Society
    • Arts & Culture
    • Consumer Watch
    • NGO
  • Politics
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
  • Lifestyle
    • Travel
  • Subscribers login

© 2022 - 2023 The Online Citizen Asia

wpDiscuz