Myanmar economy hampered by junta restrictions, power cuts: World Bank

Rolling power cuts and economic restrictions imposed by Myanmar’s junta are hindering the country’s economy, says the World Bank. The nation’s GDP remains significantly lower than in 2019, and businesses struggle with access to foreign exchange and licenses. Power cuts are also impacting economic activity. Despite some signs of stabilization, the World Bank forecasts a three percent growth for the year.

China calls West’s economic de-risking a ‘false proposition’

Chinese Premier Li Qiang rejects Western efforts to “de-risk” economies, emphasizes interdependence and calls for economic globalization.

Singapore’s manufacturing output drops 10.8% in May 2023, EDB reports

Singapore Economic Development Board (EDB) unveils a 10.8% year-on-year decline in manufacturing output for May 2023, with some sectors such as transport engineering showing strong growth.

Singapore’s Core Inflation Declines 4.7% in May, prompting moderate outlook for inflation in H2 2023

Singapore’s core inflation fell to 4.7% y-o-y in May, declining from 5.0% in April. A joint statement by MAS and MTI highlighted the decrease in inflation for services and food as the driving factor. MAS expects further moderation in MAS Core Inflation in H2 2023 due to reduced imported costs and the easing of tightness in the labor market.

Paris summit to push for global debt and climate reform

World leaders will convene in Paris for the Summit for a New Global Financial Pact, aiming to address climate change, debt burdens, and poverty. Ideas include innovative taxation, restructuring international financial systems, and increasing climate financing. Developing nations seek tangible progress and timelines.

Silicon Valley Bank subsidiary sold to management team

SVB Securities, a healthcare investment firm, will be bought out by its management team from parent company Silicon Valley Bank after a competitive bidding process, with support from The Baupost Group. The deal is subject to regulatory approval and court confirmation. Silicon Valley Bank faced financial turmoil in March.

Rich Chinese and Taiwanese flooding into Singapore buying up houses

As tensions rise between China and Taiwan, wealthy Taiwanese are increasingly investing in Singapore, viewing it as politically “neutral” and offering residency options. Similarly, Mainland Chinese investors have also escalated their exposure to Singapore.

Singapore dollar hits record high of S$1 to RM3.46 against ringgit on Thursday

The Singapore dollar reached a new high of S$1 to RM3.46 against the ringgit on Thursday (15 June), signifying an almost 8.5% depreciation of ringgit from last year. The ringgit also weakened against the USD, falling 4.7% compared to a year ago.

Singapore’s key exports face an eighth consecutive month of decline despite post-pandemic recovery

Despite exiting the COVID-19 pandemic, Singapore reports an eight-month consecutive decline in key exports. Both electronics and non-electronics face significant contraction, according to recent data from Enterprise Singapore.

Bank of Japan sticks to ultra-loose monetary policy

The Bank of Japan will maintain its loose monetary policy to boost economic growth, contrasting with global peers who are raising interest rates. The yen weakened against the dollar in response.