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Economics

A new Orchard Road on the horizon, says Senior Minister Chee Hong Tat

Orchard Road is in line for a revamp, says Senior Minister of State for Ministry of Trade & Industry Chee Hong Tat at ITB Asia 2018 on 17th October. As part of the latest strategies to attract tourist to Singapore, Mr Chee said that plans are being made to transform Singapore’s famed Orchard Road into more than just a shopping …

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Singapore’s GDP grew by 2.6 percent in the third quarter of 2018

The Singapore economy grew by 2.6 percent on a year-on-year basis in the third quarter of 2018, moderating from the 4.1 percent growth in the previous quarter based on advance estimates. The Ministry of Trade and Industry (MTI) announced on last Friday that the economy expanded by 4.7 percent, faster than the 1.2 percent growth in the preceding quarter on …

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Singapore ranked as one of the 10 worst countries in tackling inequality

Singapore is one of the worst performing countries in the world at tackling inequality, according to a newly released edition of the Commitment to Reducing Inequality Index developed by Oxfam and Development Finance International. The index, which ranks 157 countries on their policies on social spending, tax, and labor rights is being published ahead of this week’s meeting of finance ministers and other …

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IRAS: $50.2 billion in tax revenue collected in Financial Year 17/18

$50.2 billion in tax revenue was collected in Financial Year (FY) 2017/18, marking an increase of 6.8 percent from the previous FY and came on the back of better-than-expected economic expansion of 3.6 percent in 2017. In a press release on Wednesday (26 September), the Inland Revenue Authority of Singapore (IRAS) shared that the increase in revenue collection was attributed …

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Financial crisis coming? We haven’t learned from the last one yet!

Ten years have passed since the collapse of Lehman Brothers. Did the world learn anything from the 2008 financial crisis? Are we heading for the next economic disaster? Rush in quick. Get out fast Speaking to CNBC’s "Crisis on Wall Street: The Week That Shook the World" documentary, Warren Buffet commented that another financial crisis is inevitable because of human …

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ASEAN Member States “in a good position” to benefit from Fourth Industrial Revolution: PM Lee Hsien Loong

The transformation of the global economy brought about by the proliferation of digital technology has placed Member States of the Association of South-east Asian Nations (ASEAN) in a "good position" to reap new opportunities for regional economic growth, said Prime Minister Lee Hsien Loong in his keynote speech at the World Economic Forum on ASEAN in Hanoi yesterday (12 Sep). …

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APEC boost and diversification efforts take centre stage in new report on Papua New Guinea

A new report from the global research and consultancy firm Oxford Business Group (OBG) on Papua New Guinea (PNG) explores both the near-term gains and longer-term benefits from its year as chair of APEC 2018, as the main November summit draws closer. The Report: Papua New Guinea 2018 looks in detail at the broad range of infrastructure projects underway or in the planning stages, which form …

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Minister Iswaran starts 3rd CECA review after 2nd one recognises India’s nursing degrees

India and Singapore are proceeding with the third review of the landmark "Comprehensive Economic Cooperation Agreement" (CECA), which focuses on trade facilitation, e-commerce, customs as well as movement of professional workers (PMETs) between the 2 countries. Posting on his Facebook page yesterday (1 Sep), Minister Iswaran said he met Indian Minister Suresh Prabhu yesterday morning. "We reaffirmed the longstanding and …

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EIU says Singapore is the 37th most livable city in the world…not that it matters to the average Singaporean

It’s that time of the year again when cities around the world are ranked for their level of liveability by the Economic Intelligence Unit (EIU), the research and analysis division of The Economist Group charged with analysing how the world is changing. Specifically, their Global Liveability Index is an annual report where they rank different cities around the world based …

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